Welcome to Arts Economics

About Us

Arts Economics is a research and consulting firm focused exclusively on the art economy. We carry out bespoke research and analysis on the fine and decorative art market for private and institutional clients. We also specialise in the analysis of arts-related policy, taxation and regulation for private and public sector bodies, assessing their impact on the art trade, artists’ incomes and the wider economy. Currently, our main strands of research cover macro-economic art market studies, micro-level sector analysis, art banking and investment-related services.

Arts Economics  was founded by Dr. Clare McAndrew in 2005. Dr. McAndrew is a cultural economist who specialises in the arts, antiques and collectibles markets. Clare set up Arts Economics to focus her efforts on art market research and analysis, and works with an international network of private consultants and academic researchers  in providing research and consulting services to the global art trade and financial sector.

The company’s current clients include major international art fairs, dealer and trade associations, auction houses and national and trans-national public institutions including arts councils and cultural ministries. The company is also engaged by law firms, private banks, funds and other businesses interested in bespoke research and expert advice on the art market.

1.About Clare McAndrew

colour versionDr. Clare McAndrew is a cultural economist, investment analyst and author. Clare is the founder and managing director of Arts Economics which she set up in 2005.

Clare completed her PhD in economics at Trinity College Dublin in 2001, where she also lectured and taught economics for four years. She then directed a number of research projects for Arts Council England on the effects of regulation, taxation and other issues in the visual arts market. In 2002, Clare joined US firm Kusin & Company, a boutique investment banking firm specializing in art investment, as chief economist. After three years in the US, Clare returned to Europe in 2005, and continued her work in the art market in a private research and consulting capacity for a global client base.

She set up Arts Economics in 2005 to focus her efforts on art market research and analysis, and works with a network of private consultants and academic scholars in different regions around the world providing research and consulting services to the global art trade and financial sector. Clare has published widely on the economics of the art market, including her recent book entitled Fine Art and High Finance, published by Wiley Press. She also produces an annual macro-economic report on the global art market for The European Fine Art Foundation (TEFAF). Clare is a founding member of the Art Investment Council which was founded in 2012 to promote a greater understanding of art as an asset class by encouraging transparency, best practices, education and consistency of terminology and reporting. Clare has been a guest lecturer on the Masters program at Trinity College Dublin in the Trinity Irish Art Research Centre (TRIAC) and lectures regularly on art investment, risk and regulatory and taxation issues in the art market at Christie’s Education and the Sotheby’s Institute in London. She also maintains some academic research, including particular interests in risk, bias and art lending in the art market. She has published a number of academic papers with colleague Professor Rex Thompson (Southern Methodist University, Texas) on risk and its applications in the art market.


Research And Consulting


Arts Economics carries out bespoke, independent research on the global art market, including comprehensive cross-sectional and longitudinal studies of its size, structure and key current and future trends.

Typical outputs include:

  • Comprehensive research reports on the global art market including detailed analysis of regional and sector sales, market share, prices, employment, regulation and other current and future issues.
  • Reports, as above, on regional, transnational and national art markets, focusing on key domestic and cross-border trade issues.
  • Policy impact studies for institutional clients, trade associations, national governments and other public and private sector bodies looking at the impact of various forms of legislation on the art market (such as changes in taxation policies, import and export restrictions and royalties and their past and potential effects on the art trade, collecting, investing, and artists’ incomes).
  • Research reports on the working and living conditions of artists within and across nations, including analysis of their incomes, work patterns, training, demographics and other features, and an evaluation of policies directly and indirectly supporting and funding the arts.
  • Basic statistical reports – snapshots of the global art market and its quantitative and qualitative features and trends.

Arts Economics provides tailored statistical and quantitative analysis of individual sectors, regions, events and other specific areas of the art and antiques market.

Examples of typical outputs include:

  • Economic impact studies for fairs, art and cultural events, and national art markets or market sectors, evaluating their direct and indirect contribution to employment and revenues in addition to their impact through ancillary spending, fiscal contributions and multiplier effects in the economy. These studies can provide both current analysis of economic impact as well the evaluation of contributions under a variety of different future scenarios and forecasts (such as changes in regulations).
  • Reports on sectors of the art market (for example focusing on Contemporary art or Old Masters), as well as specific segments of the market such as artists by gender, nationality or works of art by price bracket.
  • Price and risk analysis including: bespoke indices for specific sectors, artists or segments in the art market and risk profiles by sector, artist or region (including art-specific qualitative and quantitative models, as well as more mainstream financial metrics).
  • Basic statistical reports (ideally suited to the media, art collectors and investors, wealth managers and financial brokers) including information by sector, region, event, artist or segment including – price analysis, descriptive statistics on sales values and volumes, risk measures, correlation and ranking analysis , sales of an artist by country and auction house and others.
  • Market research and satisfaction surveys via qualitative and quantitative polling of target groups such as collectors, galleries and event visitors.

Arts Economics provides research, advice and educational services to meet the needs of banks, wealth management companies and other art and financial institutions who wish to consider offering (or are currently offering) art-related services directly or indirectly to their clients.

These services range from specific financial guidance ( for example on collateralising art and art lending) to general marketing and co-branding advice. We also provide general guidance and education on the financial aspects of investing in art including presentations and lectures to private clients.

We also offer services designed specifically for private and institutional investors in the art market. Alongside macro and micro studies of the market, we can assist with financial analysis and guidance including net asset value evaluation, return and risk assessment,   correlation analysis and comparative studies, causality and forecasting models and testing, advice on tax efficient investing and assistance structuring private and institutional investments in art.


Contact Us

Arts Economics
7 Stephens Lane
Dublin 2

Telephone +353 87 911 9013

General Enquiries

Dr. Clare McAndrew

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