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THE MODALITY OF COOPERATION BETWEEN ART AND FINANCIAL INSTITUTIONS IN CHINA
Wang, Wenge
Wang, Wenge
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Thesis/Dissertation
Date
2024-12
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Global Finance
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https://doi.org/10.34944/v539-j347
Abstract
The integration of art and finance is a consequence in the resulting development of these two industries that seeking supports from each other. On one hand, the development of art business is strongly relies on the support from the financial world; on the other hand, financial capitals also need to expand their business by dragging in new elements. Nowadays, China is in its radical period of development in art business, which requires a more well-organized legal system to support and protect participating parties’ rights in the progress. Although, China’s art world does not have a mature system yet, we could already see the great potential in it. During the process, China has accumulated enriching experience to create more innovative collaboration between art and finance. In the mean time, art institutions performed a crucial role here, because they have massive important artworks that we can rarely see in the market, which directly point to high standard exhibitions. Therefore, art institutions could be considered as the key joint of developing the art business in China. My study will be constructed around the cooperative model between art institutions and the financial capitals, and investigate how these two sectors integrated along the way. This paper based on the collection data and operational practices of the Genghis Khan Museum in Hohhot, China, uses detailed primary data as the analytical sample. It combines typical cases of art finance in China to explore innovative theories on the integration of art and finance, and proposes innovative models of art finance and art museums. The aim is to provide theoretical suggestions for the financial innovation of private art museums in China.
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