62-714 Galleries & Auction Houses: Economics of the Art Market

6 units, Carnegie Mellon University

This class surveys the for-profit art gallery model. Topics include exploration of the business model and common practices of for-profit art galleries and the primary and secondary markets for art sales. Art Appraisals auctions and auction galleries artist procurement art collectors and investor cultivation as well as a profile of gallerists will be discussed in detail. Students will be required to work an art auction and attend the opening receptions for local exhibitions. There will be a non-required trip to the gallery districts of New York City to visit galleries and talk to gallery directors and staff. Corporate art collections will also be discussed as well as how to set prices artist commissions artist agreements consignment sales and inventory will also be topics covered by this course.

Prerequisites: none listed

Offered: Spring 2026

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