History of Art and Art Criticism: A System in Crisis

This article aims to reconstruct the critical debate regarding the examination of the crisis in the disciplines of art history and criticism with a particular focus on the proposal formulated by U.S. theorists who contributed to October journal. The discrediting of many modernist critical methods, particularly that of Clement Greenberg – the formalist diktat – marked the birth of the journal and gave rise to proposals set forth by critics committed to a new approach. Their divergent positions, nonetheless, have contributed to undermining the traditional concepts of the autonomy of art and criticism. The proposals discussed over the course of publication were the result of a reappraisal of the disciplinary instruments of art history and criticism pursuant to the crucial cultural changes which took place in the 1980s.

The Portuguese contemporary art as an investment

In this paper we investigate what drives the prices of Portuguese contemporary art at auction and explore the potential of art as an asset. Based on a hedonic prices model we construct an Art Price Index as a proxy for the Portuguese contemporary art market over the period of 1994 to 2014. A performance analysis suggests that art underperforms the S&P500 but overperforms the Portuguese stock market and American Government bonds. However, It does it at the cost of higher risk. Results also show that art as low correlation with financial markets, evidencing some potential in risk mitigation when added to traditional equity portfolios.

The economics of Vieira da Silva

This paper investigates the time valuation and the age valuation profile of art-works created by the Portuguese female painter Maria Helena Vieira da Silva. It uses data from records from her paintings auction sales between 1986 and 2014, taken from Artprice.com. The study explores three aspects regarding her artistic career: (1) estimation of Age-valuation profile, defining her creativity pattern and the age at which she produced her most valuable paintings; (2) estimation of time valuation profile, through a creation of an individual hedonic price index for Vieira da Silva; (3) internationalization phenomenon of the artist, investigating whether selling prices are primarily set in euros or in US dollar. The results suggest that Vieira da Silva peaked quite early in her career; her paintings prices are not very sensible to economic cycles and tends to slightly increase afterlife; the empirical results are not suggestive on which currency is the best predictor of her paintings’ price.