Art markets development and entrepreneurship

Abstract

The art markets researches and forecasts face the evident lack of methodological approaches which are able to comprehend the art markets development in the conditions of growing uncertainty and the world markets unpredictability. Also it is very important that the problem of art markets efficiency should be interpreted on the new scientific background differs from the traditional keynesian and behavioral ones. We consider Austrian School economic methodology to be suitable in a such context. In contrast to classical or neoclassical methodology that uniquely defines art markets as an informational inefficient and thus narrows the consideration only to the problem of profit maximization, the methodology of the Austrian economic school suggests maximizing behavior and active participative self-realization of participants of the art market, as they are all entrepreneurs, creating a surplus value. In this sense, an innovative methodology of the Austrian economic school, which has put forward a figure entrepreneur to the forefront as a creator of goods and services and transfer of information in the field of market interaction in the sphere of culture and art, is the most acceptable for the analysis of these markets.