While women represent more than half of the fine art school graduates in the US, the share of female artists drops to about 5% in the auction market. This disparity is also reflected in art auction prices. In 2016, the first 63 most expensive lots could be attributed to male artists. Potential explanations range from differences in endowments and opportunity sets to perceived biases on institutional and market level.
The goal of the symposium is to gain a deeper understanding on the underlying causes of the gender divide in the art market using new results from academic research. The symposium will bring together key practitioners and academics of various backgrounds and different sides of the market to examine the phenomenon from a multidisciplinary perspective.
Renée B. AdamsUniversity of New South Wales
Renée B. Adams is Professor of Finance at the University of New South Wales. She is also the Director of UNSW Business School’s Women in Leadership Network, former Director of the Finance Research Network (FIRN), an Affiliate of LSE’s Financial Markets Group, Senior Fellow at the Asian Bureau of Finance and Economic Research and Member of the European Corporate Governance Institute. She holds an M.S. in Mathematics from Stanford University and a Ph.D. in Economics from the University of Chicago. Professor Adams’ research focuses on the organization of corporate boards. She has written papers examining the information flow between managers and the board, gender diversity on boards, governance problems in banks, group decision-making on boards and the governance of central banks. She has published in top accounting, economics, finance and management journals including the Journal of Accounting and Economics, the Journal of Finance, the Journal of Financial Economics, Management Science, the Review of Economic Studies and Strategic Management Journal. In 2014, she was invited to join the editorial board of Management Science. Professor Adams’ work on gender diversity in particular has received extensive media coverage. Her work has been featured in the Financial Times and the Economist amongst many others. Professor Adams’ interest in gender diversity is not limited to research. In 2012, Professor Adams founded The F.E.W. (The Financial Economics Women Network)-a support, development and lobbying group for female academics in Finance and Economics. She co-founded AFFECT, the American Finance Association’s “Academic Female Finance Committee”, in 2015.
Andrew AugenblickEmigrant Fine Art
Andy Augenblick is the President of Emigrant Bank Fine Art Finance, head of the bank’s commercial real estate lending group and Vice Chairman of New York Private Bank & Trust. Prior to co-founding Emigrant Bank Fine Art Finance, he was President and co-owner of the Related Companies, L.P., a privately held real estate and investment company. Before joining Related in 1985, he was a consultant at McKinsey & Company. Mr. Augenblick was named one of the top 100 collectors in the United States by Art & Antiques magazine. Mr. Augenblick is a graduate of Dartmouth College and Harvard Business School.
Jonathan FeinsteinYale School of Management
Jonathan Feinstein is interested in creativity and innovation, specifically the paths of development of creative individuals, including entrepreneurs, inventors, artists and scientists. He is the author of The Nature of Creative Development (Stanford University Press, 2006). His class The Practice and Management of Creativity & Innovation was featured in the BusinessWeek Online article, "Creativity Comes to B-Schools" in the spring of 2006 and in Fast Company in 2014; he has been extensively cited and quoted in the media for his approach to creativity. He is also interested in creativity in education and the management of creativity. Professor Feinstein’s current work focuses on formal models of creativity, centering on creative interests, learning, serendipity, and paths of development. What do we choose to learn and explore as we develop our creative interests and passions? What opportunities arise, which projects do we pursue? His approach emphasizes the rich diverse patterns of development, unfolding over a few years or a lifetime. His work has roots in the classic principles of liberty and freedom of individual development, depicting the uniqueness of individuals in their creative development and potential. It also links economics with knowledge representation. His paper “The Creative Development of Fields: Learning, Creativity, Paths, Implications” was published in the Journal of the Knowledge Economy in 2015, “Optimal Learning Patterns for Creativity Generation in a Field” was published in the American Economic Review Papers and Proceedings in 2011, “Unleashing Creative Development” was published in the Kindai Management Review in 2013, and his current working papers are “Graduate Economics Teaching of Core Microeconomics: Diversity, Knowledge Clusters, and Job Placement” and “Paths of Creative Development in Fields of Knowledge.” In addition to his class on creativity & innovation, Professor Feinstein teaches the elective Statistical Modeling, teaches core Statistics, and runs the Math Boot Camp for incoming students. Professor Feinstein is an expert in the field of tax compliance and the analysis of audit and detection processes, and has written with Professor Ed Kaplan on counter-terrorism. He served as Director of the Yale Center for Business and the Environment during 2009-14.
Marina GertsbergMaastricht University
Marina Gertsberg is a PhD candidate in Finance at Maastricht University and currently a visiting scholar at the Yale School of Management. Her main research interests are related to the art market and the economics of conspicuous consumption goods. In her recent work she investigates the performance of female and male artists at auction with a particular focus on the top of the market where most of the revenues are concentrated. In some of her other work she studies art dealer strategies at auction using network analysis. Marina Gertsberg obtained her BSc and MSc in Finance and Strategy from Maastricht University.
William GoetzmannYale School of Management
William N. Goetzmann is the Edwin J. Beinecke Professor of Finance and Management Studies and Director of the International Center for Finance at the Yale School of Management. He is an expert on a diverse range of investments. His past work includes studies of stock market predictability, hedge funds and survival biases in performance measurement. His current research focuses on alternative investing, factor investing, behavioral finance and the art market. Professor Goetzmann has written and co-authored a number of books, including Modern Portfolio Theory and Investment Analysis (Wiley, 2014), The Origins of Value: The Financial Innovations that Created Modern Capital Markets (Oxford, 2005), The Great Mirror of Folly: Finance, Culture and the Crash of 1720 (Yale, 2013) and most recently, Money Changes Everything: How Finance Made Civilization Possible (Princeton, 2016). He teaches portfolio management, alternative investments, real estate and financial history at the Yale School of Management.
Kathryn GraddyBrandeis University
Kathryn Graddy is Senior Associate Dean at Brandeis International Business School and the Fred and Rita Richman Distinguished Professor of Economics at Brandeis University. Her research focuses on the economics of art and culture and more generally, industrial organization. She has published extensively in the field of the economics of the arts, with papers in top international journals including the American Economic Review, the Journal of Economic Literature, the Rand Journal of Economics, and the Journal of Economic History, among others. She has written policy papers on Artist Resale Rights for the UK Patent Office, and she is currently Editor of the Journal of Cultural Economics. She has also written a series of papers on the Fulton fish market, with publications in the Review of Economic Studies, the Journal of Economic Policy, and the Rand, among others. Kathryn has taught Game Theory and Industrial Organization to advanced undergraduates, advanced microeconomics to PhD students, and co-teaches a course on the Economics of the Arts. She enjoys advising Ph.D. students and undergraduates on their theses. Kathryn served as Chair of the Economics Department at Brandeis from 2011-2014 and the Director of the PhD program at Brandeis International Business School from 2015-2016. Kathryn came to Brandeis in 2007 from Oxford University, where she was a Fellow of Exeter College. Prior to Oxford, she was Assistant Professor of Economics at the London Business School and a Junior Research Fellow at Jesus College, Oxford. She received her PhD in Economics from Princeton University, her MBA from Columbia University, and her BS and BA in Mathematics and Russian from Tulane University.
Eric GreenleafNew York University
Eric A. Greenleaf is a Professor of Marketing at New York University Stern School of Business. Professor Greenleaf presently teaches the undergraduate course in Introduction to Marketing and has also taught marketing research, new product development, pricing strategies, and doctoral seminars on response and context effects in surveys and on pricing theory. Professor Greenleaf joined NYU Stern in 1988. His primary research areas include consumer reactions to prices, economics of auctions and the art market, uses of neuroscience in marketing, consumer aesthetic reactions to products, and marketing research and survey methods. Professor Greenleaf has been published in numerous journals including Journal of Consumer Research, Journal of Marketing Research, Journal of Marketing, Management Science, Marketing Letters, Marketing Science, and Public Opinion Quarterly. He was a winner of a competition on behavioral pricing sponsored by the Marketing Science Institute, and is one of a team of NYU faculty in Psychology and in Marketing awarded a large grant from the National Institute of Health to study the impact of public service ads using market research and neuroscience methods. Professor Greenleaf has also been involved in forecasting school enrollments in Manhattan to help relieve school overcrowding and successfully make the case for new schools. Before joining NYU Stern, Professor Greenleaf was an assistant professor of marketing at the Yale School of Management. He has been a visiting assistant professor at Columbia University, a visiting associate professor at Wharton, and a visiting scholar at the Haas School. Professor Greenleaf received his Bachelor of Science in town planning and design from University of New Hampshire and his M.B.A. and Ph.D. in marketing from Columbia University.
Sarah P. HansonThe Art Newspaper
Sarah P. Hanson has written on a range of topics—from the emergent Turkish art market to an artist collective in Kyoto to trends in contemporary photography—and has profiled artists, collectors, and dealers for such publications as New York, T, and Modern Painters, among others. A former editor in chief of Art + Auction, she has also served in editorial roles at ARTnews, Assouline Publishing, and Paddle8.
Megan Fox KellyAssociation of Professional Art Advisors
Megan Fox Kelly is a professional art advisor who builds and manages collections for an international mix of individuals, museums, estates and foundations. Her full service advisory business provides curatorial and market advice and museum-quality fine art services for collectors, attorneys, financial advisors and estates. Her academic training includes an MA in the History of Art from Brown University. Megan’s professional training began in the Curatorial and Special Exhibitions Departments of the National Gallery of Art, Washington, DC. This strong foundation in proper museum practice continues to inform her work for clients today. After ten years in the international art business, she established Megan Fox Kelly Art Advisory in New York in 1999. Megan has curated collections of Post-War and Contemporary art, important 19th and 20th century American and European art, and vintage and contemporary photography. In addition to advising clients on acquisitions and sales of works of art for their collections, her practice includes estate planning and execution, strategic planning and feasibility studies for museums, exhibition planning and administration, collection management and fine art appraisal services. Megan serves as the advisor to numerous artist and collector estates and Foundations including the Estate of Michael Crichton, The Terra Foundation for American Art, the Robert Rauschenberg Foundation, the Estate of Robert DeNiro, Sr., and others. Megan is President of the Association of Professional Art Advisors. She is a Certified Member of the Appraisers Association of America, with a specialization in Post War and Contemporary Art and is U.S.P.A.P compliant. Megan has a Certificate of Appraisal Studies from New York University. She is a well-regarded expert and speaker specializing in the art market and collecting.
Roman KräusslLuxembourg School of Finance and Hoover Institution, Stanford University
Dr. Roman Kräussl is Professor at the Luxembourg School of Finance and Visiting Fellow at the Hoover Institution at Stanford University. He studied Economics at the University of Bielefeld and got his PhD in Financial Economics at the Center for Financial Studies (CFS) at Goethe-University, Frankfurt/Main. As Head of Quantitative Research at Cognitrend GmbH, a spin-off from Deutsche Bank specialized in behavioural finance and the development of mathematical trading models, he was closely involved with the financial industry. Dr. Kräussl also holds a position as Visiting Professor at Goizueta Business School, Emory University, Atlanta, and is Fellow at the CFS and Research Fellow at the Emory Center for Alternative Investments. His research focuses on Alternative Investments. He established the website www.art-finance.com, where he publishes some of his recent work on Art as an Alternative Asset Class. He is contributing editor at Art+Auction and author of its monthly Databank column. He regularly writes for Manager Magazin, the leading German monthly business magazine, on passion investments and the psychology of collecting. He presents his findings at key academic conferences and is regularly asked to chair various art-finance related, international summits and venues. Dr. Kräussl publishes his academic research in leading economic journals such as Review of Financial Studies, Journal of Financial and Quantitative Analysis, and Strategic Management Journal. His work has been featured in the Wall Street Journal, the New York Times, Forbes' Annual Investment Guide, and on CNBC. He has taught numerous MBA courses at the Amsterdam School of Finance and Goizueta Business School, among others.
Michael NockYale School of Management
Michael Nock is an MBA Candidate at the Yale School of Management. He earned an MA with distinction from the Courtauld Institute of Art and a BA from King’s College London. Prior to his studies at Yale, Michael worked at the Barbican Art Gallery, J. Paul Getty Museum, and UCLA Hammer Museum
Julien PenasseUniversity of Luxembourg
Julien Penasse is Research Fellow at the Luxembourg School of Finance at the University of Luxembourg and Scientific Adviser at Famsa Investments Luxembourg. He is also a scientific consultant on long-term asset allocation for CNP Assurances and the Caisse des Depôts in Paris. A former student of Ecole Normale Supérieure de Cachan, Julien Pénasse received a joint PhD in Finance and Economics from Tilburg University and ESSEC Business School. Before enrolling for his thesis, he spent nearly six years in trading room as a financial analyst at Natixis. Julien’s research includes asset pricing, macro-finance, and the economics of art.
Rachel PownallMaastricht University
Rachel A. J. Pownall is a Professor of arts and finance at Maastricht University. She obtained her PhD at Erasmus University Rotterdam in 2001, after obtaining a first class degree in econometrics and economics. Her research interests broadly cover the realm of understanding investor behavior, with a particular focus on art markets and assets with an emotional attachment. Her work has been published in a number of international Journals, including the European Economic Review and the Journal of Economic Behavior and Organization, and has been covered by the New York Times, the Financial Times, the Times, and the Economist. In 2017, she authored the TEFAF art market report, as well as the more recent special issue of the Online Focus: Art Market Report. She has taught quantitative research methods at Sotheby’s Institute for Art, and lectured for Christies Education, and also lectures at the Royal Academy of Arts, in London. Rachel currently serves on the editorial boards of the Journal of International Money and Finance, the Journal of Behavioral and Experimental Economics, the International Review of Financial Analysis, and Financial Research Letters.
Amy WhitakerNew York University
Amy Whitaker is an assistant professor of Visual Arts Management. She holds an MBA from the Yale School of Management and an MFA in painting from the Slade School of Fine Art at University College London. Her undergraduate degree is from Williams College, magna cum laude, in political science and studio art. Amy's primary research concerns the overlap of artistic process and business structures. Her essay on "Ownership for Artists" was included in the book The Social Life of Artistic Property (Publication Studio, 2014), which ARTnews named one of "14 New Art History Books to Change Your Mind." Her first book, Museum Legs: Fatigue and Hope in the Face of Art (Hol Art Books, 2009), was recommended by the Association of Art Museum Directors and selected as the inaugural first-year read at the Rhode Island School of Design in 2010. Amy's book Art Thinking: How to Carve Out Creative Space in a World of Schedules, Budgets, and Bosses (Harper Business, 2016) is both a practical and philosophical guide to the central paradox of how creativity and the market come together. Prior to her appointment at NYU, Amy was a member of the full-time Art Business faculty at the Sotheby's Institute, and taught pioneering courses in business as a design medium at the School of Visual Arts, the Rhode Island School of Design, and Williams College. She was also a member of the design strategy MBA faculty at California College of the Arts. Amy has designed the business curricula for the New Museum Incubator, where she was an entrepreneur-in-residence (2015-2016), and for the Lower Manhattan Cultural Council. From 2013 to 2016, Amy served as the President of the Professional Organization for Women in the Arts (POWarts.org). She has also served as a business mentor for the grantees of the Joan Mitchell Foundation and for the TED Fellows, and was the 2013 recipient of the Sarah Verdone Writing Award. Amy began her career working in art museums, including the Guggenheim, MoMA, and Tate, and for the artist Jenny Holzer. She has also worked in finance for the startup Locus Analytics, where she is named on a patent for the firm's economic classification systems, and for the investment management firm D.E. Shaw & Co., L.P.
8:15 – 9:00 am Registration and Breakfast 9:00 – 9:15 am Welcome and Opening Remarks 9:15 – 10:00 am
Glass Ceilings in the Art MarketDiscussant: Kathryn Graddy, Brandeis University
Presenter: Marina Gertsberg, Maastricht University
10:00 – 10:15 am Coffee Break 10:15 – 11:15 am
The Gender Gap in the Art Market and the Role of Institutions
Marina Gertsberg, Maastricht University
Andy Augenblick, Emigrant Fine Art
Sarah P Hanson, ART Newspaper
Rachel Pownall, Maastricht UniversityAmy Whitaker, New York University
11:15 – 11:30 am Break 11:30 – 12:15 pm
Is Gender in the Eye of the Beholder? Identifying Cultural Attitudes with Art Auction PricesDiscussant: Julien Penasse, University of Luxembourg
Presenter: Renee Adams, University of New South Wales
12:15 – 2:00 pm Lunch 2:00 – 3:00 pm
Building Collections, Pursuing Passions, and Moving Markets
Organized by Yale School of Management Arts and Culture Club
Jonathan Feinstein, Yale School of Management
Megan Fox Kelly, Association of Professional Art Advisors
Roman Kräussl, Luxembourg School of Finance and Hoover Institution, Stanford University
3:00 – 3:15 pm Coffee Break 3:15 – 4:00 pm
Art and Gender: Market Bias or Selection Bias?Discussant: Eric Greenleaf, New York University
Presenter: William Goetzmann, Yale School of Management
4:00 pm Closing Remarks 4:30 pm Reception
*Speakers and agenda are subject to change