Abstract:
Thomas Hoving’s description in the title of the function of contemporary art in the Sixties
in New York is emblematic of the shift in its valuation in the last sixty years. In the
dissertation, the author focuses on this shift and interrogates the ways in which works of
art have been completely transformed into commodities by corporatized entities that see
them as useful only in terms of exchange value. The author argues that the neoliberal
financialization of various sectors of society and commodities, including the art market,
has resulted in a current state in which works of contemporary art, such as a Hirst dot
painting, now exist as money capital alone. Contemporary art has been demystified in
order to take on its role in the market and in this way exchange value has completely
overtaken use value. Individual chapters zero in on actors in the art world, including the
artist, dealer, collector, and auction house, in addition to various market indices and
analysis, art world discourse and criticism, and a brief survey of the history of the art
market from the 1950s to the present juncture.
