Arts Economics is a research and consulting firm focused exclusively on the art economy. We carry out bespoke research and analysis on the fine and decorative art market for private and institutional clients. We also specialise in the analysis of arts-related policy, taxation and regulation for private and public sector bodies, assessing their impact on the art trade, artists’ incomes and the wider economy. Currently, our main strands of research cover macro-economic art market studies, micro-level sector analysis, art banking and investment-related services.
Arts Economics was founded by Dr. Clare McAndrew in 2005. Dr. McAndrew is a cultural economist who specialises in the arts, antiques and collectibles markets. Clare set up Arts Economics to focus her efforts on art market research and analysis, and works with an international network of private consultants and academic researchers in providing research and consulting services to the global art trade and financial sector.
The company’s current clients include major international art fairs, dealer and trade associations, auction houses and national and trans-national public institutions including arts councils and cultural ministries. The company is also engaged by law firms, private banks, funds and other businesses interested in bespoke research and expert advice on the art market.
Clare completed her PhD in economics at Trinity College Dublin in 2001, where she also lectured and taught economics for four years. She then directed a number of research projects for Arts Council England on the effects of regulation, taxation and other issues in the visual arts market. In 2002, Clare joined US firm Kusin & Company, a boutique investment banking firm specializing in art investment, as chief economist. After three years in the US, Clare returned to Europe in 2005, and continued her work in the art market in a private research and consulting capacity for a global client base.
She set up Arts Economics in 2005 to focus her efforts on art market research and analysis, and works with a network of private consultants and academic scholars in different regions around the world providing research and consulting services to the global art trade and financial sector. Clare has published widely on the economics of the art market, including her recent book entitled Fine Art and High Finance, published by Wiley Press. She also produces an annual macro-economic report on the global art market for The European Fine Art Foundation (TEFAF). Clare is a founding member of the Art Investment Council which was founded in 2012 to promote a greater understanding of art as an asset class by encouraging transparency, best practices, education and consistency of terminology and reporting. Clare has been a guest lecturer on the Masters program at Trinity College Dublin in the Trinity Irish Art Research Centre (TRIAC) and lectures regularly on art investment, risk and regulatory and taxation issues in the art market at Christie’s Education and the Sotheby’s Institute in London. She also maintains some academic research, including particular interests in risk, bias and art lending in the art market. She has published a number of academic papers with colleague Professor Rex Thompson (Southern Methodist University, Texas) on risk and its applications in the art market.
Arts Economics carries out bespoke, independent research on the global art market, including comprehensive cross-sectional and longitudinal studies of its size, structure and key current and future trends.
Typical outputs include:
Arts Economics provides tailored statistical and quantitative analysis of individual sectors, regions, events and other specific areas of the art and antiques market.
Examples of typical outputs include:
Arts Economics provides research, advice and educational services to meet the needs of banks, wealth management companies and other art and financial institutions who wish to consider offering (or are currently offering) art-related services directly or indirectly to their clients.
These services range from specific financial guidance ( for example on collateralising art and art lending) to general marketing and co-branding advice. We also provide general guidance and education on the financial aspects of investing in art including presentations and lectures to private clients.
We also offer services designed specifically for private and institutional investors in the art market. Alongside macro and micro studies of the market, we can assist with financial analysis and guidance including net asset value evaluation, return and risk assessment, correlation analysis and comparative studies, causality and forecasting models and testing, advice on tax efficient investing and assistance structuring private and institutional investments in art.