Art Markets in Action: Galleries/Auction Houses

Explore art galleries and auction houses, the key players in the art market. Learn from experts and get an insider’s look at how each business model influences the global art industry.

 

Students enrolled in this course will gain a comprehensive understanding of the connection between art and the venues where it is exhibited and sold, through an in-depth study of the most important places of art commerce: art galleries and auction houses. Guided by a professional auctioneer and gallery specialist, students will visit several key examples of auction houses and art galleries in New York City, one of the world’s most dynamic cultural epicenters, setting the stage for students to observe, discuss, and critique how art functions in the market. This course will also explore the crucial role of art fairs for a gallery’s economic survival and how businesses are evolving in the 21st century by using innovative technology to meet the demands of an increasingly virtual world.

 

This course uses a module format, with a focus on auction houses in one week and a focus on galleries in the other. Each module culminates in an exciting final project and offers opportunities to learn about careers in galleries and auction houses and the art world at large.

 

Site Visits
Visits will include trips to major New York City galleries and auction houses. 

 

In the past, site visits have included: 

  • Sotheby’s auction house 
  • Phillips auction house 
  • Top galleries, such as David Zwirner, Gagosian, and Hauser & Wirth 
  • Up-and-coming gallery neighborhoods, such as Tribeca, the Lower East Side, and Chinatown 
  • Art fair organizations 

 

Guest Speakers
Students will hear firsthand from art advisors, auction house specialists, and gallerists about the topics that shape our understanding of how auction houses and galleries operate on both the local and global art world stage. 

 

In the past, guest speakers have included: 

  • Art dealers 
  • Gallerists 
  • Auction house specialists 
  • Art fair directors 
  • Art advisors 

 

Please note: This information is subject to change at any time at the discretion of Sotheby’s Institute of Art. 

Term Dates

Term dates and course availability depend heavily on instructors’ schedules.

  • Term 1 July 6 to July 18

All courses are open to rising 10th – 12th graders and graduating seniors. Explore the full summer schedule.

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Course Highlights

Summer Institute enables students to dive deep into a course of study, sharpening skills for their academic and professional careers. Each course is carefully designed to suit student interests and encourage intellectual curiosity.

  • 1

    Both weeks of this multifaceted course focus on the global art market – the mechanisms of buying and selling art that fuel the larger art world. Students will learn about the structure of both the primary and secondary art markets, mapping how a work of art goes from an artist’s studio to being sold in a gallery and eventually at auction. Both modules will look at how the art market influences popular taste and eventually the art historical canon. Students will also learn about new digital innovations in both galleries and auction houses, and how both models aim to reach new generations of collectors.

  • 2

    Auction Houses: Representing the most public-facing part of the secondary market, auctions are one of the few places in the art world where prices are shared. Therefore, the high-octane world of auction sales creates compelling stories about supply, demand, and trends in the art market. Students will visit auction houses small and large, looking specifically at how art moves through them, beginning with how works arrive at the auction house and ending with how works exit through a public sale. The course will also examine a myriad of innovations made by auction houses in recent years, such as online-only sales, private sales departments, non-selling exhibitions, and their expansion into the luxury sector. Auctioneers, lawyers, and other specialists will guide students through the complexity of the auction house business, and how it goes beyond what is seen in the headlines. Students will have the exciting opportunity to participate in a mock art auction, led by a real auctioneer, and practice balancing client wishes with the excitement of the salesroom.

  • 3

    Galleries: Galleries are key players in the primary market for art, representing artists, championing their artistic processes, and introducing new artworks to the world. Galleries vary as much in size as they do in the artists they represent, their focus, clientele, and location. In visiting these venues, students will learn about the commercial aspects of evaluating art and will hear firsthand from dealers, art advisors, and marketing staff about how galleries function for artists, the public, and collectors. Students will also learn about art fairs, and the key function they have as a commercial and reputation-building opportunity for galleries. By the end of the week, students will have the chance to create their own gallery business plan, balancing a curatorial eye with the business model’s practical needs.

Summer Institute Faculty

Our instructors are award-winning Sotheby's Institute faculty, recognized thought leaders and professional experts in the art world. Each faculty member structures their course around real-time conversations defining their professions and helps students master the unique forces at play in the art world.

Summer Institute Faculty

More Information

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