The Art Market is an efficient, historic and global market with a capacity to withstand economic and geopolitical crises that achieved total sales of $67,4 billion in 2018 and ranked the third place in the world. Compared with other world’s principal investment markets, the art market is famously difficult to quantify. The majority of sales are conducted privately, and discretion has traditionally been one of its underpinnings. But as the market grows larger and more globalized, it becomes ever-more important for actors of the art market to get comprehensive information for the art market investment strategies development.
We provide an overview of the global market trends, art market infrastructure, looking at the value, volume and regional distribution of sales of art and the performance of some of the major national and regional art markets.
The main purpose of this research is to develop Art Market Investment Strategies Intelligence (AMISI) for the financial and economic security of art market investment strategies evaluation with the emphasis on risk of art investment estimation. The suggested multicriterion approach to AMISI is based on the calculation of the comprehensive indicator by implementing the multilevel integration, which allows to synthesize a set of chosen by authors parameters, including unformalized and formalized.
Taking into account the art market's weaknesses (especially lack of transparency and conflicts of interests) which enable inside information trading and money laundering the special attention is given to blockchain technology implementation for the art market which gives the good opportunity for verification of authenticity, provenance and trust.
Tetiana Momot is Doctor of Science, Professor, Expert of the Ministry of Education and Science Commission, section “Economics”, Kyiv, Ukraine.
Dr. Momot leads the Department of Financial and Economics Security, Accounting & Audit at O.M. Beketov National University of Urban Economy, Kharkiv. She developed and implemented a new Master’s program in the University – “Financial & Economics Security Management”. There is a critical need for such programs worldwide - given real and well-publicized threats from inadequate information security - and Dr. Momot has been an inspired leader in this discipline. Much of her research concerns the implementation of business intelligence systems in Ukraine, a process with the potential to enforce transparency and legitimacy in the country’s business structure. She also has explored the use of business intelligence systems to measure the influence of oligarchs in Ukraine’s economy. These issues pertain directly to the Progam’s focus on state- and institution- building in Ukraine, law and governance, and problems of democratization. In addition her research work focus on Value-based Management, Business Valuation, CI, Financial and Economic Security Management, Anticorruption Management.
As a tenured faculty member and contributor to numerous international conferences and journals, she actively participates in the international activity. Most recently Dr. Momot successfully graduated from the Internatinal Training Program in Private Sector Growth Strategies of Swedish International Development Cooperation Agency (Sida), SIPU International and Jarskog Konsult.
Daryna Momot is well-known young artist, art manager, curator and co-founder of Kyiv International Sculture Symposium, FirstFineArtsFair, Co-founder of NGO “PerfectArtGroup”.
She has great experience in Art advisory service providing. From 2016 to 2018 she worked as Creative Director and curator in the leading gallery in Ukraine "ArtUkraine Gallery". During this period she organized 2 contemporary art auctions, organized more than 10 exhibitions with the top Ukrainian artists, maintained communication with international delegations and representatives of embassies with whom were often organized joint projects
Among the art projects under her supervision are the following: sculpture exhibition with the added reality "More than sculpture", Anna Mironova's audiovisual project "The Flow", an anti-utopian project "Inside the Unknown" by Raphael Hannousek, an exhibition of works by Auguste Rodin and contemporary Ukrainian artists at the Cherkasy Art Museum.
Daryna Momot is the Ph.D student at O.M. Beketov National University of Urban Economy, Kharkiv. The topic of her research is Financial and Economic Security of Investment Strategies in the Art Market.
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