Art Market Economics

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David Hume

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Art Market Economics

Definition

David Hume was an 18th-century Scottish philosopher, historian, and economist, widely recognized for his empiricism and skepticism. He is particularly relevant to the art world as his ideas about human nature, value, and the role of sentiment in judgment provide a foundation for understanding aesthetic appreciation and the economic principles that drive art markets.

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5 Must Know Facts For Your Next Test

  1. Hume argued that emotions play a crucial role in aesthetic judgment, suggesting that our appreciation of art is rooted in feelings rather than purely rational thought.
  2. He believed that value is not inherent in objects but is assigned by individuals and societies, leading to a subjective understanding of worth in the art market.
  3. Hume's concept of 'sentiment' implies that collective social approval can elevate the status and market value of certain artworks.
  4. He challenged the notion of objective beauty, stating that aesthetic experiences are unique to each observer and shaped by personal and cultural influences.
  5. His work laid the groundwork for later economic theories related to the valuation of art, influencing how collectors and investors perceive risk and reward in art investments.

Review Questions

  • How did Hume's views on human emotions influence the way art is valued in the market?
    • Hume's belief that emotions significantly shape aesthetic judgment means that the value assigned to artworks is often based on how they make viewers feel rather than any objective criteria. This idea suggests that collectors may be drawn to pieces that evoke strong emotional responses, which can drive prices up based on personal or collective sentiments within society. As such, Hume's philosophy highlights the importance of emotional connections in understanding market dynamics.
  • In what ways does Hume's concept of subjective value challenge traditional notions of art appraisal?
    • Hume's idea that value is not inherent but rather assigned based on individual and societal perceptions challenges traditional appraisal methods that attempt to quantify an artwork's worth through objective criteria such as materials or technique. Instead, his perspective emphasizes the importance of context, emotion, and collective sentiment in determining what art is valued at, thereby reshaping how appraisers and collectors approach valuation in the art market.
  • Evaluate the implications of Hume's theories on contemporary art markets, particularly in regard to how trends emerge and shift over time.
    • Hume's theories suggest that contemporary art markets are significantly influenced by collective sentiment and shifting cultural values. As societal tastes evolve, what is deemed valuable can change rapidly based on prevailing emotions and trends. This means that artists who resonate with current feelings or social movements may see their work gain popularityโ€”and thus market valueโ€”while others may decline. Evaluating Hume's insights allows for a deeper understanding of why certain styles or artists emerge as 'in vogue' within a fluctuating marketplace.
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