Thank you providing advanced access to this book. While titles like this are in demand for our institution, I was disappointed in the background research of this title. For instance, the “Introduction” of a book like this is a valuable tool for our instructors to introduce a topic to students. However, instructors want titles that give a thorough review of previous literature and how this book is building upon that literature. This book skips over previous literature and lays its thesis before giving an adequate background (in my opinion). I did appreciate the glossary of terms included in this work and the authors clearly have insight into this very specific art market and the trends within it. It may be more useful for a museum professional, but it does not serve the purpose of our library at the moment.

This book’s audience is, of course, those involved in the art market such as auction houses, appraisers, and lenders. But the authors strove for a broader appeal and say one does not need a formal mathematical background to follow their methods, just an entry level grasp of financial concepts and statistics. They include an appendix with friendly explanations for scary words such as linear regression, Monte Carlo simulation, and statistical significance. What is most important, in their view, is a love of art.

The global art market hit $64 billion in 2019, so a better framework for valuing art besides “The Eye”—the gatekeeper behind the curtain—makes sense. The aim of this book is to demonstrate how the scientific approach, or financial techniques, can be applied to art investing.

One myth dispelled is that there is no such thing as an art market. To put this notion in terms we understand, the authors compare it with the term emerging markets. The difference in outcome varies by artist or country. Neither are pools. Beyond that, investment outcomes vary by individual works, even if they are part of a series. Jean-Michel Basquiat’s sales are used to demonstrate this concept, which is contrary to purchasing corporate stock where each share in a class has the same value.

The authors explain the challenges of investing in art. It is a game for high-net-worth folks, for one. It is not a liquid market and, unlike buying a mutual fund or ETF, the risk is not shared among investors. Questions of authenticity, provenance, and condition must be resolved. To make matters worse, the market is secretive and opaque and there isn’t a central, professionally maintained registry.

As an art lover, it is interesting to see what components influence a work of art’s value and how financial tools are applied to them. Art punches above its weight the authors say, so it is not surprising that area matters and is compared to real estate’s classic price-per-foot. Indeed, it is the most influential variable. Larger canvases are more desirable as in real estate, but both have a threshold. Motif or theme is also correlated to price. Some familiar items included in tables are canvas area, orientation, motif, auction house, whether it is a day or evening sale, and elements in the painting such as presence of and number of people.

Readers who love art should not be shy of this book. There are tables that might need skimming, but the writing and the explanations are approachable.

Thank you to Columbia University Press and NetGalley for providing this eARC.