Abstract
An art is a philosophical, psychological and creative activity of human being driven by invisible forces like imagination, aesthetics, emotion, and intellectual inquiry, whereas economic deals with value creation, exchange, production, consumption, and market behavior. This paper studies the relationship between economics and philosophy within the framework of the art ecosystem and explains that these two disciplines are increasingly synchrony in the art market whereas these two disciplines remain separate in art studios. The research paper adopts a descriptive methodology to explain the facts based on secondary data collected from published and unpunished documents.
The study identifies that the artworks posses’ dual identities once they enter art market: they are the means of philosophical expressions and economic commodities. The economic price of paintings in the art market is governed by a mechanism like galleries, collectors, auctions, reputation, scarcity, and cultural positioning. On the other hand, the artistic productions in the studio are guided by imagination, personal philosophy, experimentation, and intellectual freedom, than market pressures. Thus, the paper identifies an relationship between artistic freedom and commercial happenings. The paper concludes that neither market dependence artistic production nor economic factors ensures artistic productions.
The study concludes that economics and philosophy should not be viewed as opposing forces in the art market. Infect, their coexistence creates economic ability which supports artistic practice, whereas the philosophical identity preserves creative originality. The paper recommends integrating economic literacy into art education and encouraging policies that strengthen independent artistic spaces.
Keywords: Art Market, Economics, Philosophy of Art, Cultural Economics, Artistic Autonomy, Creative Industry, Creative Labour.
References
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Velthuis, O. (2005). Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art. Princeton University Press.