THE BUSINESS OF ART ACQUISITIONS AND VALUATIONS
A new Presidential Initiative at the University of Michigan seeks to illuminate and expand human connections, inspire collaborative creativity, and build a more just and equitable world through the arts The objective of the campuswide Arts Initiative is to make the arts central to the university’s identity and mission by expanding access to the arts on campus and beyond, activating the arts in student learning, and integrating the arts into research across disciplines. You can be a part of this exciting time at the university as we conceive and launch a brand new, arts-focused course at Michigan Ross.
PROPOSED COURSE
U-Mmaintainsabrightandvibrantcampus,withmorethan250worksofartintheMichigan Rossartcollection,andmorethan20,000worksofartattheUniversityofMichiganMuseumof Art(UMMA).Buthowdomuseumsandinstitutionsacquireart?Anewthree-credit, undergraduatecoursecalled“TheBusinessofArtAcquisitionsandValuations”atMichigan Rosswillexplorethisquestion,teachingstudentstoidentifyandproposeobjectsforadditionto theUMMAcollection.
WorkingwithUMMAstaff,studentteamswilllearnallaspectsofhowmuseumsacquireart includinghowacquisitiondecisionsareaffectedbytheinstitution’smissionandexisting collection;theoperationofdifferentmarketchannels(auctions,dealers,directpurchasefrom artists);anddifferencesbetweenthewaythatmuseumsandprivatecollectorsvalueartand makedecisions.StudentteamswillpresentrecommendationstoUMMAcuratorsforacquiring specificobjectsandstrategiesfordoingso.Curatorswillchooseamongtheproposalsandwork withthestudentteamtoacquiretheart
Thisaction-basedlearningcourse whichweaimtolaunchintheFallof2025 willinclude traveltoanarthub(e.g.NewYork,Chicago,LosAngeles,Detroit)tovisitartmuseums, galleries,andauctionhousesTheclasswillbeopentostudentsfromMichiganRoss,the CollegeofLiterature,Science,andtheArts,andtheStampsSchoolofArtandDesign.
INVESTMENT OPPORTUNITY
Ross anticipates needing $400,000+ annually for art acquisition funds, instruction, and student travel We are seeking private gifts to pursue this groundbreaking new action-based learning opportunity Thank you for your consideration.
FEATURED FACULTY
DESIRED COURSE OUTCOMES
By the end of the course, students will be able to:
Understand how objects are identified and obtained at the most reasonable cost
Learn how art auctions work and what strategies are best for purchasing works at auction
Consider the differences between purchasing art at auction and working with dealers or directly with artists
Learn the different ways that museums and private collectors consider value
Explore the role an object's history and condition play in the evaluation process
TOM BUCHMEULLER Professor of Business Economics and Public Policy, Michigan Ross
LAURA DE BECKER Chief Curator, UMMA