The course is designed to give students a first-hand look at life as an art market entrepreneur.
Esma Okutan
Special correspondent
Provided by Magnus Resch
The art market is a multibillion-dollar, ever-changing platform. This fall, students from the Faculty of Arts and Faculty of Management came together to study.
The course, Entrepreneurship in the Art Market, is offered by the School of Management and is taught by visiting lecturer Magnus Resch, an economist, serial entrepreneur and author of Amazon’s best-selling book on entrepreneurship. This year marks the first time he brings MBA and MFA students to a six-session seminar, where they learn about the different forces shaping the circulation of the arts.
“Business students know very little about the art market, and artists often know very little about the economics of art,” Resch told the news. “It’s this exchange between artist and business student that makes this class so unique.”
The course includes a visit to the Armory Show, accompanied by a guide and two sound mixers to facilitate conversation between students outside of the classroom.
Drawing and printmaking student Mike Picos ART ’24, who audited the class, explained that one of the highlights of the class is connecting with business students.
“Understanding how art is viewed and experienced by people other than artists is very productive,” Picos said. “I’ve had a lot of great conversations with people at the School of Management, and I feel like I really understand better how they see what we’re doing.”
Some of the speakers included leaders in these fields, such as digital artist Michael Winkelmann, known professionally as Beeple, who sold his NFT for $69 million. Other speakers include Charles F. Stewart, a top curator, art advisor, collector, Paris gallery founder and CEO of Sotheby’s, one of the world’s largest art auction houses.
“I’m amazed at how much money is involved in the art market and how it’s being placed in different parts of the market that interact with each other,” said Younes Kouider ART ’23, a sculpture student in the class.
Each class also includes presentations by artists in class, where they share their work, what inspires them, and the struggles they are currently facing.
These presentations often lead to lively discussions around go-to-market strategy, pricing and marketing philosophy, Resch noted. Many of the conversations also focused on how entrepreneurs can succeed in the art world.
“This course is central to students interested in pursuing careers in creative fields,” Resch explained. “Former students have joined Sotheby’s, Gagosian Galleries, the Met, the Whitney and the Royal Opera House, non-profit museums and more. Artists have a clearer idea of how to continue their careers after leaving the program. “
Students have two options for the course’s final project: a dissertation on the future development of the art market, or a work of art presenting their main takeaways from the course.
Jane Cavalier SOM ’23 said the entire course helped her understand the different opportunities in the art market. Before entering business school, Cavalier worked at the Museum of Modern Art.
“I worked in the curatorial department there, so I didn’t have much experience running a museum business, but I was involved in the preparation of exhibitions,” she said. “For me, the class helped me to gain a clearer picture of the different career opportunities for people who want to work at the intersection of arts and business.”
The course will be offered again next fall.