[Commodification of Art Objects]

By

Acknowledgement

I would first like to express my gratitude for my research supervisor, colleagues, and peers and family whose immense and constant support has been a source of continuous guidance and inspiration.

DECLARATION

I [type your full first names & surname here], declare that the following dissertation/thesis and its entire content has been an individual, unaided effort and has not been submitted or published before. Furthermore, it reflects my opinion and take on the topic and is does not represent the opinion of the University.

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Abstract

The scope of art has undergone some drastic changes over the course of time. This particular discipline, which was always considered a primary source of deriving aesthetic pleasure, has seen a major transformation. With the world shrinking fast, capitalist economies booming and commercialization of every aspect of life, fine arts have also undergone a similar change. Now art pieces are also termed and treated as commodities, and artists who in medieval times, occupied themselves in creating master pieces for the sole pleasure of it, are now increasingly shifting towards creating pieces that earn them a fortune. Artists themselves have become brands and seek international acclaim and alter their works to suit the mood of the increasingly commercial global market. This particular study also takes this into context and comment on the commodification of art, discussing works by famous artists who have changed the way art had been perceived earlier. Also how capitalist tendencies have assimilated into this particular discipline. The study employs secondary research the data is extracted from various journals, articles and books. Secondary research describes information gathered through literature, publications, broadcast media, and other non-human sources. The study deduces the conclusion that the growth of commerce happened as a process which no individual could control or direct, creating an enormously complex web of social interconnections globally. Thus a "society" was formed "economically" before people actually began to consciously master the enormous productive capacity and interconnections they had created, in order to put it collectively to the best use. The artist, like any human being, need to meet their material needs and economic subsistence dictates the current shift in the fine art industry

TABLE OF CONTENT

CHAPTER 1: INTRODUCTION1

Problem Statement2

Aims and Objectives2

Research Question2

CHAPTER 2: LITERATURE REVIEW4

CHAPTER 3: METHODOLOGY6

Research Design6

Literature Search6

CHAPTER 4: DISCUSSION8

Contemporary Art and the Market12

The Triumph of Global Capitalism12

The Transformation of the Art World13

Art and Economy15

Artists and Economic Games15

Acquisition17

Product Fetishism18

The commercial importance of art18

Winds of change19

Are we as consumers responsible for commodification or it are a celebrity culture within art circle that drives the price?20

CHAPTER 5: CONCLUSION21

CHAPTER 1: INTRODUCTION

Activity that requires learning and can go beyond a mere technical skill or extended to encompass the expression of a particular world view is termed as art. The term art is derived from the Latin “ars”, which means ability and refers to the completion of actions that require a specialization. However, in a broader sense, the concept refers to both technical skill and creative talent in a musical context, literary, visual or ...