Part I: Technical and Structural Mechanisms 2. The Structure of Art Commodity Markets 3. Art, Religion, History and Money 4. Legal and Ethical Issues Part II: The Markets for Art 5. The Modern and Impressionist Market: The politics of success 6. International Contemporary Art: An art world explanation of its value 7. Chinese Taste for Chinese Art 8. Old Masters: A gradual change in values Part III: External Factors 9. Art Valuation and Investment 10. The Public Cultural Domain: The state, museums and the built environment 11. The Evolution of Craft into Art

Iain Robertson is Head of Art Business Studies at Sotheby's Institute of Art. He consults for Hana Bank, South Korea; Deloitte, Luxembourg, UBS; Corporate Art Collection; Royal Bank of Canada; Lisbon University; The Macao Institute, Lisbon; Athena, New York, and; Tsinghua University, China.

The global art market has recently been valued at close to $50bn - a rise of over 60 per cent since the global financial crisis. These figures are driven by demand from China and other emerging markets, as well as the growing phenomenon of the artist bypassing dealers as a market force in his/her own right. This new textbook integrates, updates and enhances the popular aspects of two well-regarded texts - Understanding International Arts Markets and The Art Business. Topics covered include:

¿ Emerging markets in China

¿ East Asian, South East Asian, Brazilian, Russian, Islamic and Indian art

¿ Art valuation and investment

¿ Museums and the cultural sector

This revitalized new textbook will continue to be essential reading for students on courses such as arts management, arts marketing, arts business, cultural economics, the sociology of arts, and cultural policy.