Art Business Cheat Sheet
The core ideas of Art Business distilled into a single, scannable reference — perfect for review or quick lookup.
Quick Reference
Art Valuation
The process of determining the monetary worth of an artwork based on factors such as the artist's reputation, provenance, condition, rarity, medium, size, subject matter, exhibition history, and current market demand.
Provenance
The documented history of ownership of an artwork from its creation to the present. A complete provenance chain establishes authenticity, legality of ownership, and can significantly impact market value.
Gallery Representation
A professional relationship in which a gallery agrees to promote, exhibit, and sell an artist's work in exchange for a commission, typically ranging from 40% to 60% of the sale price. The gallery handles marketing, client relationships, and exhibition costs.
Art Market Primary vs. Secondary
The primary market involves the first sale of an artwork, usually through the artist's gallery. The secondary market involves resales of previously purchased works, typically through auction houses, private dealers, or secondary galleries.
Consignment
An arrangement where an artist or collector places artwork with a gallery or dealer who agrees to sell it on their behalf. The consignor retains ownership until the sale is completed, and the dealer receives a commission upon sale.
Artist's Resale Right (Droit de Suite)
A legal right entitling artists or their estates to receive a percentage royalty on the resale price of their works in the secondary market. This right is enacted in many countries in Europe and elsewhere, though not in the United States at the federal level.
Art Fair
A large-scale commercial event where galleries rent booths to exhibit and sell artworks to collectors, curators, and the public. Major fairs like Art Basel, Frieze, and The Armory Show serve as critical venues for sales, networking, and market visibility.
Certificate of Authenticity
A document issued by the artist, their estate, or an authorized expert that verifies an artwork is genuine. It typically includes details such as the artist's name, title, date, medium, dimensions, and a signature or stamp.
Art Licensing
A business arrangement in which an artist grants permission to a company or individual to reproduce their artwork on products, in publications, or for other commercial uses in exchange for a fee or royalty payments.
Art Investment
The practice of purchasing artworks with the expectation that they will appreciate in value over time, treating art as an alternative asset class. Art investment involves considerations of market trends, artist trajectory, liquidity risk, and storage and insurance costs.
Key Terms at a Glance
Get study tips in your inbox
We'll send you evidence-based study strategies and new cheat sheets as they're published.
We'll notify you about updates. No spam, unsubscribe anytime.