Economics of Arts

2025/2026

Academic Year

ENG

Instruction in English

3

ECTS credits

Delivered at:

Department of Management

Course type:

Compulsory course

When:

1 year, 4 module

Course Syllabus

Abstract

We often think of art in terms of its uniqueness and originality. There is no any other art piece. Hence, it is priceless. On the other hand, the art world obeys the general laws of economics, and art objects are unique goods for which there is a demand and supply. Thus, with the emergence of art objects as unique goods, demand for them from various market participants and supply on the other hand, an art market is formed. As with any other market, the art market can also experience ups and downs and is subject to general economic processes. Within the framework of this course, the disciplines of economic theory will be combined with the specifics of the industry of culture and art. In this case, the theory of economics will be considered both from the point of view of global macroeconomic processes and at the level of micro processes occurring in the art market.