HA7402 Professional Practice (Art Market) (v1 – Chair’s Action 04/06/15)

MODULE CODE: HA7402 LEVEL: 7 CREDITS: 30

TITLE: PROFESSIONAL PRACTICE (ART MARKET)

PRE-REQUISITES: NONE

CO-REQUISITES: NONE

MODULE SUMMARY (INDICATIVE)

This module introduces students to the range of technical issues they will encounter as an
Art Market Appraiser. The module seeks to emulate a series of real-world tasks to allow
students to work through the problems likely to be faced. They examine and critically
analyse practical professional issues such as valuing objects, tax, brokerage and agency,
the meaning of professionalism and professional ethics, professional standards and the role
of professional bodies – especially the RICS, together with the role of different stakeholders
within the art market including journalists, museum curators and loss adjustors. The module
is delivered through a series of lectures, seminars and debates and includes contributions
from visiting practitioners. The module is assessed through a practical investigative exercise
involving the research for and production of an auction catalogue in which the practice of
valuation is thoroughly explored; and a business plan in which all the strands of the module
are brought together to develop students’ awareness of the range of demands upon art
businesses.

AIMS (DEFINITIVE)
 To develop in students a critical understanding of nature of and the complex inter-
relationships between the commercial and public art markets;
 To provide students with an appropriate knowledge and understanding of economic and
investment theory such that they can critically analyse the environment within which
the art market operates nationally and internationally;
 To enable students to develop a critical appreciation and knowledge of the principles
employed for the valuation of objects for various purposes including a knowledge of
the effects of relevant taxes; and
 To develop in students the analytical and technical skills and critical knowledge base to
operate within the business environment, including the skills to carry out financial
appraisals and write a convincing business plan.

LEARNING OUTCOMES (DEFINITIVE)

On successful completion of the module, students will be able to:
 Demonstrate an applied understanding of economic theories, including the principles and
impact of fiscal measures, such that they can apply these critically to the art market;
 Apply appraisal mathematical and investment theory competently to a range of situations
and specialisms including the competent use of IT packages to support calculations;
 Articulate a critical knowledge of the principles of valuation theory and conventional
approaches to valuation practice demonstrating the ability to apply this to the valuation
of objects such that they can enter practice with confidence
 Show a critical appreciation of the roles undertaken by art market professionals in a
variety of settings from auctioneer to loss adjuster and recognise and articulate the
importance of ethics, professional conduct and personal/corporate responsibility within
the context of the work of the 21st century professional;
 Analyse an actual or simulated business organisation and produce an appropriate,
competent professional report on aspects of the business including marketing,
taxation, performance analysis and change management demonstrating independence
of thought appropriate to the Master’s level; and
 Engage in and lead debate in current issues relating to the art market, its operation,
practice and current dilemmas with confidence and competence.

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CURRICULUM CONTENT (INDICATIVE)

 Economic principles within context
 The role and place of the arts market within the UK and global economies
 Principles of investment and appraisal theory and the theory of discounting
 The principles of valuation theory applied within an economic context and for purpose
within the context of the art market
 Principles and process of object identification
 The mathematics of appraisal and the use of IT for appraisal
 The fiscal environment, tax planning and valuation of objects for tax
 The principles of insurance and loss adjustment and insurance valuation
 Context of professional practice: conduct, ethics and social responsibility
 Business organisation theory and practice
 Business communications (including web management)
 The business planning process and the management of the change management
process
 Aspects of business management related to the acts market: Money laundering, Health
and safety legislation, public liability
 Principles and theoretical context of marketing
 Marketing strategy
 Marketing techniques
 The psychology and context of marketing
 Practice case study to include
 The structure and content of a business case study.
 Identifying case study material.
 Inputs and outputs.
 Identification of best practice.
 Performance measurement within the organizational context.
 Identification of conclusions and the change management process.

TEACHING AND LEARNING STRATEGY (INDICATIVE)

All students will be expected to be autonomous and independent learners consistent with
study at the Masters level. Lectures will be given to introduce topics and present complex
materials and to guide students in directed reading in preparation for seminar sessions.
However, a strong emphasis within the module will be placed on the use of seminars and
debates, augmented by IT workshops where appropriate. The seminars will present
students with opportunities to work through previously set problems, most of which will
involve considerable self-directed investigation and reading. IT facilities will be used, as
appropriate, for the development of skills related to financial appraisal and business
planning. Tutorial sessions will be provided on a regular basis and will provide the
opportunity to work through any problems on a small group basis, better to reinforce
understanding of concepts and techniques and to provide ‘feedforward’ on summatively
assessed tasks. In seminar sessions students will be required to make presentations and
lead debates and these will be assessed both formatively and summatively. The delivery will
be augmented by visits from practitioners who can bring to light many of the issues that
students are studying.

The module will make use of the Virtual Learning Environment (VLE) Canvas for
communication and dissemination of information between students and staff as well as
making online learning materials available to all.

All courses based in the Kingston School of Art offer students free access to the online video
tutorial platform Lynda.com. This provides a wide range of subjects to choose from, many
with downloadable exercise files, including software tutorials covering photography,
graphics, web design, audio and music, CAD and Microsoft Office software, as well as
courses on Business and Management skills. Some of these are embedded in the

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curriculum and offer additional self-paced learning, others may be taken at will by students
wishing to broaden their employability skills in other areas.

BREAKDOWN OF TEACHING AND LEARNING HOURS

DEFINITIVE KIS CATEGORY INDICATIVE DESCRIPTION HOURS

Scheduled learning and teaching Lectures 36
Seminars 12
Tutorials 12
IT workshops 12
Guided independent study 228
Study abroad / placement / /
Total 300
(number of credits x 10)

ASSESSMENT STRATEGY (INDICATIVE)

Assessment will be through coursework. The coursework will typically comprise two
exercises: a case study, which will include an element of group work to test out the ability to
work cooperatively in a professional manner and the preparation of a business plan. The
case study will involve a cataloguing element as this is an essential part of professional
practice whilst the business plan preparation will test the learning on elements of the
business elements of the programme. The cataloguing exercise will normally be about 5,000
words in total (2,500 group work and 2,500 words individual) and the business plan will total
3,000 words. The valuation of assets will be specifically included within both elements of
coursework as the catalogue will be accompanied by justification regarding provenance and
reserve prices. These elements of the assessment will test knowledge, understanding and
critical thought and an ability to engage in a positive way with the challenges of the subject
material. Independent learning skills will be developed throughout the module through
directed reading, to supplement formal teaching and will be necessary to achieve the
learning outcomes. There will be opportunities for formative assessment through feedback
and feedforward tutorials.

MAPPING OF LEARNING OUTCOMES TO ASSESSMENT STRATEGY (INDICATIVE)

LEARNING OUTCOME ASSESSMENT STRATEGY

On completion of the module, students will be
able to:
1. Demonstrate an applied understanding of Business Plan
economic theories, including the principles
and impact of fiscal measures, such that
they can apply these critically to the art
market;
2. Apply appraisal mathematical and investment Case Study (Cataloguing Exercise)
theory competently to a range of situations (individual work)/ Business Plan
and specialisms including the competent use
of IT packages to support calculations;
3. Articulate a critical knowledge of the Case Study (Cataloguing Exercise)
principles of valuation theory and (group work)/Case Study (Cataloguing
conventional approaches to valuation Exercise) (individual work)/ Business
practice demonstrating the ability to apply Plan
this to the valuation of objects such that they
can enter practice with confidence;

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4. Show a critical appreciation of the roles Case Study (Cataloguing Exercise)

undertaken by art market professionals in a (group work)/Case Study (Cataloguing
variety of settings from auctioneer to loss Exercise) (individual work)/ Business
adjuster and recognise and articulate the Plan
importance of ethics, professional conduct
and personal/corporate responsibility within
the context of the work of the 21st century
professional;
5. Analyse an actual or simulated business Business Plan
organisation and produce an appropriate,
competent professional report on aspects of
the business including marketing, taxation,
performance analysis and change
management demonstrating independence of
thought appropriate to the Master’s level;
6. Engage in and lead debate in current issues Case Study (Cataloguing Exercise)
relating to the art market, its operation, (group work)/Case Study (Cataloguing
practice and current dilemmas with Exercise) (individual work)/ Business
confidence and competence Plan

ELEMENTS OF ASSESSMENT (DEFINITIVE)

DESCRIPTION OF ASSESSMENT DEFINITIVE KIS CATEGORY PERCENTAGE

Case Study (Cataloguing Exercise) Coursework 30%
(group work)
Case Study (Cataloguing Exercise) Coursework 30%
(individual work)
Business Plan Coursework 40%
Total 100%

ACHIEVING A PASS (DEFINITIVE)

It is NOT a requirement that any element of assessment is passed separately in order

to achieve an overall pass for the module.

BIBLIOGRAPHY (INDICATIVE)

Core Text(s):
Barragan, P. (2008) The Art Fair Age. Charta; Bilingual edition
Findlay, M. (2012) The Value of Art. Prestel Publishing
Goodwin, J. (ed) (2008) The Investor’s Guide to the International Art Markets  -  available as
an e-book via KU Library website
Jenkins, E. (1995) Emyl Jenkins' Appraisal Book: Identifying, Understanding, and Valuing
Your Treasures, Crown Publications
Lumby, S. and Jones, C. (2000) The Fundamentals of Investment Appraisal, London:
Thomson Learning
Minichello, D., Michello, D. and Pose, F. (1997) The Appraisal and Insurance of Fine Art &
Antiques: Claims Coverage Damages Loss Recovery and Valuation, Quarterman
Publications ltd
Robertson, I. (ed.) (2005) Understanding International Art Markets and Management.
Routledge
Sloman, J., Hinde, K. and Garrett, D (2010) Economics for Business, London: Prentice Hall

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Recommended Reading:
Graw, I. (2010) High Price. Art Between the Market and Celebrity Culture. Sternberg Press
Lind, M. and Velthuis, O. (eds) (2012) Contemporary Art and its Commercial Markets,
Sternberg Press

McAndrew, C. (ed) (2010) Fine Art and High Finance. Expert advice on the economics of
ownership, Bloomberg Press
Velthuis, O. (2005) Talking Prices. Symbolic Meanings of Prices on the Market for
Contemporary Art. Princeton University Press
 The Arts Surveyor (RICS  Arts and Antiques journal)

Recommended Websites

www.rics.org.