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ARTIVATE: A JOURNAL OF ENTREPRENEURSHIP IN THE ARTS 
VOL. 8, NO. 2, SUMMER 2019 

Measuring Art Markets 
The Colorado Art Market in  

Jeffrey Taylor, Mayela Cardenas, and Stephanie Edwards 
Western Colorado University 

ABSTRACT: The art market represents a sector of economic activity that is highly 
entrepreneurial and comprised of many small businesses and individuals. Since the 
bulk of production and sales takes place through these micro-enterprises, there are 
numerous problems present for the researcher seeking to measure it. Unlike the 
nonprofit sector of the visual arts, the for-profit art market mostly has no public 
reporting requirements. The art market’s activity remains largely opaque as it is 
difficult to gather an accurate field representation or total measurements from such 
a large number of small enterprises. This paper represents the first stage in the 
development of new tools for the measuring of the art market by making use of US 
government data derived from tax and labor statistics, and by measuring the 
Colorado art market for the year 2017. The data in this paper is used to illustrate the 
connection between arts and entrepreneurship and how this sector serves to support 
the wider Colorado economy. It also establishes the methodology for measuring the 
entire US art market for the year 2018. The National Endowment for the Arts (NEA) 
Research: Art Works grant will fund the report and release it in early 2020. 
DOI: https://doi.org/10.34053/artivate.8.2.1 

Art markets are difficult to measure, not least because their primary actors have no 
requirements for public disclosure. Art markets function by prioritizing privileged 
information, and that inevitably produces obscurity in the gathering of reliable economic 
data. Nonetheless, this sector merits being studied, not only because a significant quantity of 
economic activity takes place there, but it is also where virtually all working artists and art 
market entrepreneurs earn their living. 

At the core of the market are its primary vendors: art galleries and artists who sell their 
artwork directly (Santagata ). Artists and galleries both tend to be sole-proprietorship 
entities run by self-employed individuals, and unlike nonprofits, they have no duty to report 
their sales and earnings publicly. Globally,  percent of the dealer sector has between - 



6 

employees (McAndrew, ). The majority of art dealers in the United States have between 
one and four employees, making the field of selling contemporary art one dominated by 
entrepreneurial micro-enterprises (IBISWorld, ). This report reflects the national and 
global trend of self-employed individuals comprising much of the art market. 

Even if small firms and individuals produce the majority of economic activity in the arts 
sector, the Economic Activity Study for Denver recognized it as a core component of 
Colorado’s economy. In , the study found that value added in Colorado by arts and 
culture impact was ranked rd out of the sectors compared in the analysis (CBCA ). 
“Comparison industries are selected industry categories using the North American Industry 
Classification System (NAICS) drawn from BEA's  state level data for employment (full-
time and part-time workers), compensation and value added by industry” (CBCA ). The 
value-added area of arts and culture was surpassed only by construction and retail (CBCA 
). A follow-up survey also found that Denver, the largest city in Colorado, experienced 
the “highest economic impact from cultural tourists ever and the largest number of cultural 
participants from out of state” in the year  (CBCA ). Denver alone experienced over 
 million of economic impact from the existence of arts and cultural offerings in tourism 
in  (CBCA ). Furthermore, the arts represent a significant part of the United States 
economy as a whole. “The U.S. Bureau of Economic Analysis reports that arts and cultural 
production accounts for ,,, and . percent of the U.S. economy, contributing 
,, jobs” (NASAA ). These impressive indicators of the importance of the arts 
sector, however, usually reflect a mixture of performing and visual arts and they include for-
profit and nonprofit entities.  

The nonprofit sector of the arts can be studied far more easily because US (c) entities 
are compelled to report their income publicly. Furthermore, they usually publicly disseminate 
detailed information about their activity, not least of all because it inspires confidence from 
their donors. Americans for the Arts have produced a widely disseminated study on the Arts 
& Economic Prosperity which measures the economic impact of the nonprofit arts economy. 
The report, however, measures only nonprofits, which in the visual arts sector, would be 
museums and nonprofit arts centers (Americans for the Arts ). Museums may act as 
consumers or collectors in the art market but rarely act as vendors, except on the rare occasion 
of deaccessioning. Nonprofit art centers often operate galleries that make sales, but the 
income is rarely a significant part of the institution’s overall revenue strategy, and such 
entities represent a relatively small portion of the art market’s activity.  The investment bank 
UBS and the Art Basel art fair have released a report for the last two years on the global art 
market, but it is based on voluntary surveys by approximately  dealers globally 
(McAndrew ). That report, however, would not provide a study of the regional art 
markets in every state in the US.  One can find reports on the global auction market produced 
by websites like Artprice.com, which serve as databases of sales. Auction houses do usually 
publicize their sales results, and therefore their activity can be tracked. Auctions, however, 
represent only one sector of the vast art market. The disparate commerce of art galleries, 



 

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antiques shops, and artists conducting their own sales, remains essentially unmeasured. 
Therefore, this paper endeavors to study a discrete geographic and political entity, the State 
of Colorado, for the year of .  

Defining an Art Market 
Although often used interchangeably, for this paper, we make a distinction between the terms 
art business and art market. The art business represents all of the professional activities of 
people involved in art, as well as the institutions where they work. The art business, however, 
contains two distinct forms of economic consumption: experiential consumption and 
ownership consumption. The experiential consumption sector includes those institutions 
who sell the customer an art experience with the institution’s artworks. This sector would 
primarily include museums but would also include a newer entity such as Meow Wolf, which 
sells an art experience. The purpose of this paper is not to measure the experiential 
consumption sector of the art business. Rather, this paper will measure the ownership 
consumption sector of the art business: where artworks have a transactional exchange of 
ownership. We refer to this sector as the art market. 

A more challenging question then follows as to what the parameters of the art market 
are. Certainly, at the center of the art market are artists who provide the primary source of its 
supply. In return for this supply, the market provides artists with a source of revenue 
(McAndrew, ). A broad definition would be the commercial exchanges of ownership in 
artworks, but artworks themselves can be further subdivided into the disciplines often 
referred to as fine art (painting, graphics, drawing, sculpture); applied art (jewelry, furniture, 
ceramics, textiles), that is, objects that are both beautiful and simultaneously serve a function; 
and commercial art (commercial photography, graphic design), that is, artworks which have 
a distinct purpose of encouraging the sale of other products, for example, print and 
advertisements. For the purposes of this paper, we have elected to include merchants and 
producers of all of these. We chose to include these occupations and industries for the 
following reasons: () These producers elect to refer to themselves as artists or designers, () 
and their centers for higher-education training are also designated art schools or departments 
of art at colleges and universities. Therefore, the report accounts for exchanges in ownership 
in artworks, which can include both art and design objects and digitally existing artworks.  

This report includes both sectors of the art market distinguished as the primary art 
market and secondary art market. The first term refers to art objects sold for the first time 
(primary art market) which can be a synonym for the contemporary art market. The 
secondary art market refers to the sale of objects for the second (or third, or fourth, or fifth). 
In this market, quite often the producer is not known and could quite possibly be deceased. 
This paper includes both primary and secondary sectors, including the vast secondary market 
in applied arts and design products known as the antiques market, which includes the resale 
commerce in furniture, ceramics, and other used goods. The justification for inclusion of 



8 

these sectors is because the leading auction houses in the art market, Christie’s and Sotheby’s, 
have departments selling all of these media and object types.  This paper accounts for art 
market revenue earned through both two agent models of commerce (producer-consumer, 
i.e., artist-collector) and three agent models (producer-merchant-consumer, i.e., artist-
dealer-collector).  

Methodology: Sources of the Data 
The art market, being largely composed of for-profit micro enterprises, often sole-
proprietorship or simply self-employed individuals, poses many challenges to being studied 
systematically. These many small-scale actors of the art market have no public disclosure 
obligations like the nonprofit sector nor much interest in doing so. The art market thrives on 
opacity, and so, if surveyed about their economic activity, an art dealer might be unwilling to 
provide accurate data. Therefore, a research project such as this only became possible when 
the Western States Arts Federation (WESTAF) created the data service CVSuite. The data of 
CVSuite makes use of labor statistics, tax data, and other economic data organized by 
occupation and industry, which allow us to define those actors and entities that make up the 
art market. The full source of data can be read in Appendix : Data Sources.  

Methodology: Occupations in the Art Market 
For the study, we selected the following occupations within Colorado as the actors of the art 
market. They are included with their Standard Occupational Classification System (SOC) 
code. In each case, we provide the justification for the inclusion of this occupation category. 
In addition to the occupation codes, we have added the jobs reported by the NAICS Industry 
Codes  and  which are for used merchandise stores (antiques) and art dealers, 
respectively. 

- Curators: Often associated with the Experiential Sector, still curators usually 
function as the driver for a museum’s acquisition policy, and therefore, play a key role in the 
art market. Curators are often also employed by commercial galleries and therefore play a 
direct role in the market.  
- Art directors: Although usually found in the commercial art business, art directors 
and their teams still produce an aesthetic product which is purchased by their client.  
- Craft artists: They produce applied art and design objects for sale. 
- Fine artists, including painters, sculptors, and illustrators: These producers 
conform to our most traditional concepts of artists.   
- Multimedia artists and animators: The artists sell a digital art product of their 
creation.  
- Artists and related workers, all other: A general category with which many less 
traditional artists elect identify themselves.  



 

9 

- Fashion designers: They produce a fashion textile product that is purchased by a 
client.  
- Graphic designers: They produce artworks for advertising and publication purposes.  
- Interior designers: They function as the art agents for the furniture (both new and 
antique) business and therefore play a merchant-like intermediary role.  
- Designers, all other: This designation serves as a general category for designers who 
produce a variety of aesthetic assemblages that are purchased by clients.  
- Photographers: They produce photographs, either printed or digital, for clients who 
purchase those images. We elected to include only still photographers, but not to include 
makers of video and other motion-picture products.  
- Cabinetmakers and bench carpenters: They produce the applied art of furniture.  
- Furniture finishers: They function as the conservators of the antique furniture 
market, as well as often its merchants.  
- Jewelers and precious stone and metal workers: They produce applied art and 
jewelry.  
- Etchers and engravers: They make serial -dimensional artworks.  
- Molders, shapers, and casters (except metal and plastic): These producers make 
metal and ceramic objects for aesthetic purposes.  
 (NAICS code) Used merchandise stores: These are the merchants of the antiques 
sector.  
 (NAICS code) Art dealers: These are the merchants of the retail art sector.  

Methodology: Industries in the Art Market  
The intention in selecting industries was to choose those which produce or trade in art objects, 
design objects, or artistic products. The following industries, as noted by their North 
American Industry Classification System (NAICS) code, were selected as meeting the criteria 
of entities involved in the art market. In each case, the industry was chosen if it met the 
standard of creating and trading in aesthetically produced art and design products. 
Furthermore, if there exists a secondary market in the resale of older products from this 
industry, then that served as justification for its inclusion. In addition, many artists act as 
their own merchants; therefore, we included the industry code for independent artists, 
writers, and performers. To remove literary and performing artists, we adjusted based on the 
occupational data for fine artists. In addition, adjustments were made to the first six industry 
codes, comparing them against occupational categories, in order to eliminate mass-market 
industrial production, which would not be the target of this report.  

: Pottery, ceramics, and plumbing fixture manufacturing1:  

 
1 These industries were subjected to modifiers which used the variable of employment type to arrive at an 
estimation of the portion of a certain industry’s results that were derived from artistic craft production and 
not a result of mass-market industrial production. Modifications were made using occupation data from what 



10 

: Other pressed and blown glass and glassware manufacturing¹ 
: Ornamental and architectural metal work manufacturing¹ 
: Jewelry and silverware manufacturing¹ 
: Jewelry stores¹ 
: Used merchandise stores¹ 
: Art dealers 
: Graphic design services:  
: Photography studios, portrait 
: Commercial photography 
: Reupholstery and furniture repair 
: Photofinishing laboratories (except one-hour) 
: Independent artists writers and performers2 

The Occupations in the Colorado Art Market  
The artistic production and retailing occupations achieved . percent growth in Colorado 
from  to , from , to ,. Over one year, , art production and art 
retailing jobs were added. This rate of growth significantly exceeds nonfarm payroll job 
growth on the national level for , which was . percent (Bureau of Labor Statistics ). 
This number also significantly exceeds the growth of the art market at large in the United 
States between  and , for example, the anticipated growth of . percent nationally 
in revenue in the sector of art dealers in  (IBISWorld ). In this survey, the occupation 
with the most laborers was that of photographers with , jobs, followed by graphic 
designers with , jobs in Colorado in . Self-defined artists, which would include the 
SOC Codes -, -, -, and - (craft artists; fine artists, including 
painters, sculptors, and illustrators; multimedia artists and animators; and artists and related 
workers, all others) totaled , jobs. At a ratio of more than -, the artist types examined 
held careers in applied and commercial variants of the art market, as opposed to the fine art 

 
were employment types likely to be found in that industry. Three different variables of employment 
categorization were used to create the analysis. Quarterly Census of Employment and Wages (QCEW) 
workers could be described as those employees on full-time salaried or hourly contracts. Self-Employed (SE) 
workers generally work alone or as the proprietor of their firm. Extended Proprietor (EP) category workers 
are counted as proprietors but classify the income as peripheral to their primary employment. By excluding 
QCEW workers, who are far more characteristic of mass-market industrial firms, the SE and EP worker 
numbers then provide a proportional estimation of those workers engaged in craft or artistic production. 
Those ratios are then applied across Earnings and Sales results, as well as used to modify employment results.  
2 This category of industry was compared to occupation codes: 27-1012 Craft artists; 27-1013 Fine artists, 
including painters, sculptors, and illustrators; 27-1014 Multimedia artists and animators; 27-1019 Artists and 
related workers, all other. The numbers of artists in these occupations provide numbers of exclusively visual 
artists. The industry code 711510 Independent artists, writers, and performers, which also provides 
employment numbers, was then modified in proportion to the number of visual artists, in order to exclude 
performing artists and writers, who are not within the scope of this paper. That proportion was also 
employed to modify earnings and sales results.  



 

11 

market. Furthermore, the numbers of people employed in art dealing actually declined by 
. percent, while fine artists increased by . percent. This trend would indicate that more 
artists are taking an entrepreneurial approach to their activity by selling directly themselves 
rather than relying on intermediary dealers. 

The Industry Earnings of the Colorado Art Market 
The industries of the art market can be measured in terms of both earnings and sales. Earnings 
are calculated by aggregating the compensation paid for the labor of all workers in a given 



12 

industry. This includes wages, salaries, supplements, and proprietor earnings. The Colorado 
art market achieved ,, in earnings in the art market industries in . 

The Industry Sales of the Colorado Art Market 
Industry sales data is arrived at by multiplying the price at which goods or services are sold 
by the number of units sold. This estimate is adjusted for discounts and deductions for 
returned merchandise. The Colorado Art Market achieved ,,, in sales in , 
and this represented a . percent rate of growth over  sales of ,,,. This rate 
of growth significantly exceeded the national GDP growth rate for , which was . 
percent (Bureau of Economic Analysis ). Among the noticeable trends is that used 
merchandise dealers, vintage and antiques dealers and auctioneers of those items, have 
approximately equivalent sales as that of art dealers. There can be a great variety of product 
types with art and collectibles, with nearly  different design types producing much of that 
market on a global level (McAndrew ). Other applied arts also easily account for 
comparable sales statistics, such as jewelry, which accounts for nearly  million when 
combining manufacturing and retail. Similarly, photography, when accounting for printing, 
commercial production, and studio work, produces over  million in sales, and graphic 
design is nearly that much. A strong indicator of entrepreneurial trends can be seen in that 
while art dealers sales grew at . percent, the sales of Independent Artists grew tice that 
rate, . percent. More artists, therefore, are serving as their own merchant and selling 
directly to their collectors.  



 

13 

Individual Sectors: Fine Art, Applied Art, Commercial Art 
Industry sales data was also subdivided into three distinct sectors to allow for further 
modeling based on different conceptions of what the art market is. To many observers, the 
art market might be essentially only the market in fine art, which might include those 
producing non-functional artworks, photography, and the secondary markets of art and 
antiques. This sector produced ,, in sales. The applied art market would include 
functional artistic and craft products: jewelry, furniture, glass, metals, and ceramics, as well 
as interior designers and industrial designers. The applied art sector produced ,, 
in sales. The commercial design market produces artworks with a clear function to aid in the 
marketing, publication, and sales of another product. These activities include commercial 
photography, graphic design, and other design services. The commercial art sector produced 
,, in sales. People employed in the fine art and applied arts sectors (primarily 
craft) sell unique objects or services by themselves or with a limited set of assistants or 
subcontracted fabricators; thus, nearly all artists employed by the sale of their artwork are 
conducting entrepreneurial ventures as well. The actors within the commercial design field 
also produce a set of unique objects with a specific set of criteria which a client established 
prior to the creation of the good. A unifying factor between these disciplines is that the goods 
and services produced in the art market are often unique, crafted with a set of highly 
specialized skills, and utilize creativity to implement solutions to a specific set of variables. 
This set of criteria is dissimilar from the secondary market portion of the fine art market in 
that it involves a pre-existing object, however, it was produced with the same criteria when it 
was initially created and is simply experiencing a subsequent resale. Furthermore, secondary 



14 

markets in art and antiques require core entrepreneurial skills in terms of investment and 
speculation in cultural trends and tastes.  

Connecting Arts and Entrepreneurship in the Colorado Art Market 

In recent years, Denver has emerged from its provincial reputation to being acknowledged as 
one of the most desirable cities to reside in the United States (Thorsby ). Denver became 
that desirable place to live at the same time as a city-wide cultural plan — the first in Denver 
since the ’s — Imagine  was implemented. Imagine  believes that “Denver's 
economic vitality is accelerated by arts, culture and creativity.” (Denver Arts & Venues ). 
The economic value of art has become so widely acknowledged and leveraged in the state of 
Colorado that the public art department, Colorado Creative Industries, was repositioned to 
be a division within the Office of Economic Development and International Trade. It is this 
widespread acknowledgment of arts as an essential part of an economy that spurs further 
dynamic economic development. 

Creativity lies at the heart of the competitive advantage that the arts and culture bring 
when considering their economic impact. Creativity would be that which connects both the 
producers, vendors, and all entrepreneurs in the art market, and across sectors.  percent of 
business leaders in a recent survey responded that creativity is “of high importance when 
hiring” (Karabell ). Mica Scalin reflected that in workshops she asked people “in non-
arts related fields (think engineering, manufacturing, energy, finance)…‘Do you need 
creativity to succeed at your job?’ and nearly everyone raises their hands and when asked if 
you consider yourself to be creative only a couple of people continue to raise their hands” 



 

15 

(Scalin ). One method to elevate creativity levels may simply be to be around more art. 
People are even more creative, innovative, and productive when they are around artwork 
(Karabell ).  

Citylab, which studies and produces data about the connection of arts and 
entrepreneurship asserted that “We find that the larger the creative employment of a region, 
the higher the levels of entrepreneurship and regional growth” (Florida ). Art and design 
are both strongly linked to entrepreneurship levels within a region and are a driver of 
economic development (Florida ). This study of the art market in Colorado is essentially 
a sector specific analysis of entrepreneurial trends. This paper analyzes a sector whose 
intrinsic values, goods, and services align directly with the values and habits of any creative 
entrepreneur in that both are focused on the “creative process, one driven not by personal 
gain but by an idea that must be realized within, and with the help of, society” (Novia).  

This paper on the art market in Colorado records a snapshot in time, which illustrates a 
wider argument that the art market, and the myriad entrepreneurial ventures that drive it,  
impact the economic and emotional vitality of the state of Colorado positively. This report 
and similar sets of data consistently find that the art market is highly entrepreneurial and 
comprised of many small actors. The entrepreneurial mindset and the artistic mindset are 
both the creative mindset. Artists have historically been some of the most entrepreneurial 
actors within the wider economy. They consistently take all the steps entrepreneurs make in 



16 

constructing a business venture. 
They conceive of their artistic 
output as products and try to 
match them to the tastes of their 
consumers. They auto-invest in the 
materials and capacity to make that 
output and consider innovative 
technology as a means to better 
produce that output. Furthermore, 
because of the challenges of the art 
market, artists frequently develop 
new commercial ventures to reach 
their consumers better. They 
frequently serve as their own merchant and pay close attention to the emerging opportunities 
and directions within their market. Artists have consistently served as some of the most 
entrepreneurial actors within the economy as whole.  

Conclusions of the Report on the Colorado Art Market  
The research project began with the basic research question of what is the art market? The 
methodology adopted for this paper determined that, in its fullest sense, the art market is the 
ownership exchange economy in art and design products. This allowed us to lay out the 
parameters of what were the producers and merchants of that economy and use the tools of 
the CVSuite platform to measure those sectors in terms of jobs, earnings, and sales in specified 
industries within the confines of the state of Colorado for the years  and . Five 
conclusions became apparent from the results: 

 
. The Colorado art market grew in terms of sales in  at a rate of . percent, 

which itself exceeds the national GDP growth rate for  of . percent.  
. That rate of growth also exceeds growth rates for estimates of the US art market 

and the global art market, which would serve as indication of Colorado’s 
increasing importance as an art center.  

. The occupations of the Colorado art market grew at . percent, which was also 
well above the national rate of job growth of . percent. 

. Independent artists grew in numbers employed while those employed as art 
dealers declined. Furthermore, sales for independent artists grew at twice the rate 
of art dealers. Both trends point to more artists pursuing their own sales through 
entrepreneurial sales platforms. 

. Far more artists make their careers in the fields of applied and commercial art 
production than do in fine art. Photographers and graphic artists outnumber fine 
artists at a ratio of -.  



 

17 

. The applied arts industries nearly equal that of the fine arts, with jewelry a  
million business in terms of sales. The commercial art market also essentially 
equals that of fine art, with graphic design accounting for approximately  
million in sales.  

. With the commercial sector of the market growing at more than twice the rate of 
the other sectors, it would indicate a strong orientation towards entrepreneurial 
enterprises, as these industries are characterized by close attention to investment in 
capacity, technological solutions, and pioneering new avenues to untapped 
markets. 

All of the above conclusions point to the importance of the art market for providing the 
platform for artists and artist entrepreneurs to earn their living and contribute to the growth 
of the Colorado economy.  The scale of economic activity within the art market also serves as 



18 

a testament to its importance to the wider economy of the state. By examining the art market 
as a whole this paper has attempted to show that a narrow understanding of only fine art 
products would account for only a limited sector of total output. By taking a wider 
understanding of the art market as the commercial exchange in art and design products, this 
paper has attempted to demonstrate that the commercial art and applied art sectors each 
occupy significant proportional areas of economic activity in their own right. The totality of 
these three sectors then accurately represent the entrepreneurial contributions of all visual art 
producers and merchants within the state of Colorado.  

Appendix: Data Sources 

Economic Modeling Specialists International (EMSI); National Assembly of State Arts 
Agencies; National Center for Charitable Statistics; Western States Arts Federation 
(WESTAF) data service CVSuite. 

Industry Data (through EMSI) 
● Quarterly Census of Employment & Wages (QCEW) which serves as the backbone of 

industry data 
● County & Zip Business Patterns (CBP) which helps to unsuppressed QCEW data 
● Quarterly Workforce Indicators (QWI) this adds demographics 
● Non-Employer Statistics (NES) which adds self-employed 
● Local Area Personal Income (LAPI) which also helps to cover more self-employed 
● Current Employment Statistics (CES) which provides monthly estimates and keeps 

data up-to-date 
● Industry sales   
Occupation Data (through EMSI) 
● National Industry-Occupation Employment Matrix (NIOEM) which gives national 

level staffing patterns 
● Occupation Employment Statistics (OES) which gives regional data and job counts 
● American Community Survey (ACS) which provides worker demographics on self-

employment 
● O*NET which gives insight on worker knowledge, skills, and abilities 
● Employment by Occupation Projections which give projections and openings 

numbers. 

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