The Art Business
The global art market, valued at over US$60 billion in 2019, has continued to thrive and embrace positive transformations during the pandemic years of 2020 and 2021. This is due to the industry’s innovations and accelerated digitalization, as well as rising demand by newer generation art buyers with increasingly diversity in their background.
Christie’s Education’s Art Business introduces the art world ecosystem today, including the roles of key players—artists, galleries, auction houses, collectors and museums. We discuss the interplay between these players, the art market structure and sectors, and the value creation chain. We will also analyze the factors that determine the value of art, in particular how auction records are achieved and collecting trends are created. Further insights into the art business will be offered through discussions on the milestones in the evolution of the contemporary art market, landmark legal cases that define the behaviors of market participants, as well as the practical aspects of transacting artworks across borders.
Join Christie’s Education’s Art Business programme to learn about the global art industry from the perspective of the world’s leading art business.
Sessions
The Art Business | English
- The Billion Dollar Business of Art | 60 minutes
Sara Mao | Director of Christie's Education Asia Pacific
This lecture offers an overview of the global art industry. It introduces different market sectors and various roles in the art world ecosystem. Recent market and collecting trends are also discussed to keep today’s collectors well-informed.
- Determinants of Value | 50 minutes
Yi Gao | Programme Lead of Christie's Education Asia Pacifc
This lecture unpacks the factors that drive the value of artworks. After analyzing factors that are internal and external to the artworks, we discuss how auction records are achieved, as a result of a combination of these factors, for some of the world’s sought-after masterpiece artworks.
- The Global Auction Business | 60 minutes
Sara Mao
This lecture unpacks the inner workings of the world’s leading auction operations. It offers an insider’s look about the processes related to consignment, marketing and buying, as well as the dynamics of the bidding room.
- Auction House Innovation and the Rise of the Contemporary Art Market | 60 minutes
Marc Porter | Chairman of Christie's Americas
This lecture explores the transformation of the global art market from the perspective of the world’s leading auction house, highlighting 20th and 21st centuries auction milestones, notable collecting trends and emerging collecting opportunities in the new decade.
- The Art World through Five Legal Cases | 55 minutes
Yi Gao
This lecture takes you through the interactions between different roles in the art ecosystem from a legal perspective. 5 landmark cases in the art industry cover aspects from relationship between artists dealer, auction house and art buyers, as well as issues related artistic creation, including freedom of expression and intellectual property rights.
- International Movements of Artworks | 60 minutes
Sara Mao
This lecture offers practical information on cross-border transactions of artworks. Issues discussed include custom and tax matters, shipping and insurance, as well as restrictions on transactions related to cultural heritage, restitution and endangered species.
*Schedule and topics are subject to change.
Speakers
Marc Porter
Chairman, Christie's Americas
Marc Porter is Chairman of Christie’s Americas, and a member of Christie’s Executive Management Group.
Over his almost 30 years with the company, Mr. Porter has worked in a series of roles in Specialist and Management divisions. In Spring 2018, he directed the sale of the Peggy and David Rockefeller Collection, which was the largest collection to ever appear at auction, as well as the most valuable collection sold for philanthropic causes.
Mr. Porter has been involved with the evolution of the global art business, including Online Commerce, Restitution and Private Sales. Mr. Porter created Christie’s first-ever online sales on behalf of The Estate of Elizabeth Taylor and The Estate of Andy Warhol, which have developed into one of Christie’s three primary sales channels. In the Restitution field, Mr. Porter has led efforts in groundbreaking acknowledgment of matters regarding World War II period spoliation and national patrimony. In his previous role as International Head of Private Sales, Mr. Porter led many significant private transactions for artists from Rembrandt to Eakins.
In January 2021, Marc began as a Fellow at Harvard’s Advanced Leadership Initiative, embarking on a program that champions collaboration and sustainable social impact amongst a diverse community of global leaders.
Mr. Porter earned a B.A. degree from the University of Pennsylvania’s College of Arts and Sciences and a B.S. in Economics from the Wharton School of the University of Pennsylvania. He also holds a law degree from Yale Law School.
Sara Mao
Director
Christie’s Education Asia Pacific
Sara Mao is the Director for Christie’s Education in Asia Pacific, overseeing the development of programmes and partnerships across Hong Kong, China, and South East Asia. Sara joined Christie’s in 2008 and was appointed Specialist Head of Sale for Chinese Modern Paintings in 2015, and then as Director for Christie’s Education in 2018.
Sara has curated over ten seasons of auctions for some of the most iconic paintings in the field of Chinese paintings, nurturing client relationships with seasoned collectors and new buyers, and leading the growth of the category through securing consignments globally for auction and private sales. She was responsible for spearheading record-breaking sales of Fu Baoshi’s The Song of the Pipa Player for HKD204.8 million, and Zhang Daqian’s Ancient Temples Amidst Clouds for HKD102.4 million, in 2017.
Bringing her specialist experience to education, she currently leads programmes in Asian Art, Art Business and Luxury Connoisseurship, with a focus on Women Artists and Art & Tech. She was the curator for Christie’s Art + Tech Summit “Mixed Realities” in 2019, and co-convenor for Christie’s Education’s first online academic conference “The Chinese Art Market”, in 2020.
Sara is also an auctioneer for Christie’s, supporting numerous charity auctions including Save the Children, Ronald McDonald House, Make a Wish Foundation, The National Kidney Foundation (SNG), and others.
After receiving her B.A. in Philosophy & English Literature at the University of York (UK), Sara acquired her Graduate Diploma in Law from BPP Law School (UK) and a Master of Letters in History of Art and Connoisseurship, with a concentration in Chinese art, from Christie’s Education and the University of Glasgow.
Yi Gao
Programme Lead
Christie’s Education Asia Pacific
As Programme Lead of Christie’s Education Asia Pacific, Yi is responsible for developing course curricula and programme content, as well as supporting teaching, studying and recruitment. Prior to joining Christie’s, she completed her M.A. in Art, Law and Business, awarded jointly by Christie’s Education London and University of Glasgow College of Arts.
Yi is a qualified attorney licensed to practice in New York and practiced corporate and capital markets law at the global law firm of Kirkland & Ellis. She holds a B.A. in Law from Beijing Foreign Studies University and L.L.M. from New York University School of Law. Yi has studied and worked in Beijing, Hong Kong, New York, Washington D.C. and London, and is fluent in English, Mandarin and Cantonese.
