Outline

Overview

Delve into the world of art galleries and museums, auction houses, private and corporate collections, artist-run and alternative spaces as vital components of the global intersection between the art world and the art market. Through site visits, case studies and industry lectures, students will study concepts of authenticity, value, exhibiting, selling and collecting art, alongside principles of law and ethics to gain a unique understanding of the business of art today.

Unit details and rules

Academic unit	Art History
Credit points	6
Prerequisites ?	None
Corequisites ?	None
Prohibitions ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Donna Brett, donna.brett@sydney.edu.au
Lecturer(s)	Jos Hackforth-Jones, jos.hackforth-jones@sydney.edu.au

Assessment

The census date for this unit availability is 31 March 2026

Details
Criteria

Type	Description	Weight	Due	Length	Use of AI
Q&A following presentation, submission or placement	Case study presentation Discussion (Q&A) and submission of presentation text	20%	Multiple weeks	10 minutes (1000 words equiv.)	AI prohibited
Outcomes assessed:
Presentation	Essay Outline Video n/a	30%	Week 08 Due date: 24 Apr 2026 at 23:59	10 minutes / 1,500 words equivalent	AI allowed
Outcomes assessed:
Written work	Essay n/a	50%	Week 13 Due date: 29 May 2026 at 23:59	3,500 words	AI allowed
Outcomes assessed:

Assessment summary

Detailed information for each assessment can be found in the Canvas site for this unit.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a High distinction indicates work of an exceptional standard, a Distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100
Distinction	75 - 84
Credit	65 - 74
Pass	50 - 64
Fail	0 - 49	When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see guide to grades.

Use of generative artificial intelligence (AI)

You can use generative AI tools for open assessments. Restrictions on AI use apply to secure, supervised assessments used to confirm if students have met specific learning outcomes.

Refer to the assessment table above to see if AI is allowed, for assessments in this unit and check Canvas for full instructions on assessment tasks and AI use.

If you use AI, you must always acknowledge it. Misusing AI may lead to a breach of the Academic Integrity Policy.

Visit the Current Students website for more information on AI in assessments, including details on how to acknowledge its use.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The University expects students to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

Our website provides information on academic integrity and the resources available to all students. This includes advice on how to avoid common breaches of academic integrity. Ensure that you have completed the Academic Honesty Education Module (AHEM) which is mandatory for all commencing coursework students

Penalties for serious breaches can significantly impact your studies and your career after graduation. It is important that you speak with your unit coordinator if you need help with completing assessments.

Visit the Current Students website for more information on AI in assessments, including details on how to acknowledge its use.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Support for students

The Support for Students Policy reflects the University’s commitment to supporting students in their academic journey and making the University safe for students. It is important that you read and understand this policy so that you are familiar with the range of support services available to you and understand how to engage with them.

The University uses email as its primary source of communication with students who need support under the Support for Students Policy. Make sure you check your University email regularly and respond to any communications received from the University.

Learning resources and detailed information about weekly assessment and learning activities can be accessed via Canvas. It is essential that you visit your unit of study Canvas site to ensure you are up to date with all of your tasks.

If you are having difficulties completing your studies, or are feeling unsure about your progress, we are here to help. You can access the support services offered by the University at any time:

Support and Services (including health and wellbeing services, financial support and learning support)
Course planning and administration
Meet with an Academic Adviser

Weekly schedule

WK	Topic	Learning activity
Week 01	Introduction: the business of art	Lecture (1 hr)
Week 01	Introduction: the business of art	Tutorial (1 hr)
Week 02	The art world ecosystem	Lecture (1 hr)
Week 02	The art world ecosystem	Tutorial (1 hr)
Week 03	Art and Value	Lecture (1 hr)
Week 03	Art and Value	Tutorial (1 hr)
Week 04	Provenance and Authenticity, Fakes and Forgeries	Lecture (1 hr)
Week 04	Provenance and Authenticity	Tutorial (1 hr)
Week 05	Student-led presentations	Lecture (1 hr)
Week 05	Student presentations	Tutorial (1 hr)
Week 06	Student-led presentations	Lecture (1 hr)
Week 06	Student-led presentations	Tutorial (1 hr)
Week 07	Commercial galleries and the primary market	Lecture (1 hr)
Week 07	Commercial galleries and the primary market	Tutorial (1 hr)
Week 08	Art Law and Ethics	Lecture (1 hr)
Week 08	Arts Law and Ethics	Tutorial (1 hr)
Week 09	Auction Houses and the secondary market	Lecture (1 hr)
Week 09	Auction Houses and the secondary market	Tutorial (1 hr)
Week 10	The International Art Market: Emerging Markets and Trends	Lecture (1 hr)
Week 10	International Art Market: Emerging Markets and Trends	Tutorial (1 hr)
Week 11	Corporate Collecting and Collections	Lecture (1 hr)
Week 11	Corporate Collecting and Collections	Tutorial (1 hr)
Week 12	Artists, technology and the art world	Lecture (1 hr)
Week 12	Artists, technology and the art world	Tutorial (1 hr)
Week 13	Summary	Lecture (1 hr)
Week 13	Summary	Tutorial (1 hr)

Attendance and class requirements

Attendance: According to Faculty Board Resolutions, students in the Faculty of Arts and Social Sciences are expected to attend 90% of their classes. If you attend less than 50% of classes, regardless of the reasons, you may be referred to the Examiner’s Board. The Examiner’s Board will decide whether you should pass or fail the unit of study if your attendance falls below this threshold.
Lecture recording: Most lectures (in recording-equipped venues) will be recorded and may be made available to students on the LMS. However, you should not rely on lecture recording to substitute your classroom learning experience.
Preparation: Students should commit to spend approximately three hours’ preparation time (reading, studying, homework, essays, etc.) for every hour of scheduled instruction.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

Week 1.

Hackforth-Jones, J., & Robertson, I. (Eds.). (2016). "Introduction" Art business today: 20 key topics. Lund Humphries, pp.7-23 (Reviewed and can’t see where we could cut pp)
Adam, G (2024), Big Bucks eg The Preface pp. 15-18

Week 2.

Rozell, Mary. (2020) “Markets, Sources and Approaches.” In The Art Collector’s Handbook: The Definitive Guide to Acquiring and Owning Art, Chicago, USA: Lund Humphries, pp.17–40.

Robertson, I., and Chong, D (2024) Global Art Markets: History and Current Trends. Routledge. Introduction pp1-13,

Week 3.

Nairne, S. (2012). Value. In Art theft and the case of the stolen Turners (pp. 167–186) pp 167-180; pp183-186. Reaktion.

Velthuis, Olav. (2013), “The Art of Pricing.” In Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art, Princeton University Press, 2013. pp.116-120; 124-132

Week 4.

Aldrich, M and Hackforth-Jones, J (eds) (2012), "Introduction" in Art and Authenticity. Lund Humphries.Pp8-19

Week 7.

Winkleman, E., & Hindle, P. (2018). "Education: How to learn what you don’t know about running a commercial gallery" in How to Start and Run a Commercial Art Gallery (Second Edition) (2nd ed.). Allworth.

Week 8.

Prowda, J.B. (2013). "Introduction" in Visual Arts and the Law, Lund Humphries in association with Sotheby’s Institute of Art.

Macdonald, I and Simpson, S (2025), Collections Law and Ethics. The Federation Press. 2nd edition.

Collections Law: http://www.collectionslaw.com.au/

Week 9.

Israel, I (2023), “Auctions” in A Year in the Art World. Thames and Hudson. pp:184-195.

Adam, G (2014) Big Bucks: The Explosion of the Art Market in the 21st Century. Lund Humphries. Pp 23-46

Week 10.

Buchholz, Larissa. “From an International Avant-Garde Market to a Global Commercial Subfield.” In The Global Rules of Art, Princeton University Press, 2022, pp.67–106.

Robertson, Iain. “Introduction”, New Art, New Markets. Chicago, USA: Lund Humphries, 2018, pp.7-19. Let’s remove this.

Week 11.

Appleyard, Charlotte. "Introduction", The Development of the Modern Corporate Collection. Chicago, USA: Lund Humphries, 2020.

Week 12.

Adam, Georgina. “Artists: From Starving Garrets to Founding their Own Museums.” In Big Bucks: The Explosion of the Art Market in the 21st Century, 65–80. Aldershot, UK: Lund Humphries, 2014.

Freeland, Anna. “Creative Australia’s Artists at Work Study Reveals Ongoing Economic and Gender Disparities in Australian Arts Sector - ABC News.” ABC News, May 7, 2024. https://www.abc.net.au/news/2024-05-07/creative-australia-artists-at-work-artist-income-inequality/103803622?utm_source=abc_news_app&utm_medium=content_shared&utm_campaign=abc_news_app&utm_content=mail

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. develop critical understanding of historical, theoretical, and analytical methodologies related to the study of art markets, corporate sponsorship and the economics of art museums
LO2. recognise and describe interdisciplinary perspectives on aesthetic, ethical, economic and historical issues related to art markets and the politics of acquisition and display
LO3. debate conflicts of interest and ethical issues related to collecting and exhibition practices by individuals, corporations and museums.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

Minor assessment updates

Disclaimer

Important: the University of Sydney regularly reviews units of study and reserves the right to change the units of study available annually. To stay up to date on available study options, including unit of study details and availability, refer to the relevant handbook.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Use of generative artificial intelligence (AI)

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

ARHT5908: The Business of Art

Semester 1, 2026 [Normal day] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Use of generative artificial intelligence (AI)

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links