Art and finance

Museums and the art market: alliances, values and new balances

The gallery nurtures the knowledge and dissemination of the work; the museum, with rigour and authority, certifies its cultural value.

Museo del Duomo di Milano (Imagoeconomica)

4' min read

4' min read

In the contemporary art system, museums are no longer just places of conservation: they are active players in the market, engines of symbolic legitimisation and strategic nodes in an ecosystem that interweaves public, cultural and economic interests. They buy works at fairs, auctions and from private collectors, but above all they exhibit, study, contextualise. And in doing so, they generate value. Exhibiting an artist in a museum does not only mean granting him visibility: it means attributing meaning to him, inserting him into a narrative, offering him to history.

It is precisely in this transition - from the gallery wall to the museum wall - that a delicate game is played. When a gallery sponsors a museum exhibition dedicated to an artist it represents on its roster, the boundary between cultural promotion and economic valorisation may appear blurred. Yet it is precisely in these intersections that the complexity - and modernity - of the art system is revealed. Let us think of Amy Sherald, on show simultaneously at the Whitney Museum (supported by Hauser & Wirth) and in the New York branch of the same gallery during the last Art Week, or of Anselm Kiefer, who is currently the protagonist of a solo show at the White Cube while exhibiting at the Royal Academy in an exhibition exploring his links with Van Gogh. These overlaps raise questions, yes, but they also offer valuable insights into rethinking the relationship between public and private.

Loading...

On the one hand, it is undeniable that the gallery benefits from the increased visibility and value of the artist, with direct effects on the primary and secondary market. On the other hand, however, private investment makes a decisive contribution to supporting activities that museums, on their own, increasingly struggle to manage: scientific research, exhibitions, loans, transport, insurance, catalogues. Collaboration, then, should not only be read in a critical light, but as a possible virtuous alliance. The gallery feeds the knowledge and dissemination of the work; the museum, with its own rigour and authority, certifies its cultural value.

In a context where exhibitions require months (if not years) of planning, and public resources are increasingly scarce, this synergy appears - if well governed - to be a must. Provided, of course, that roles are clear, governance transparent and curatorial freedom protected. Because this is, in fact, the way for a museum to maintain an active role in the cultural discourse today, despite the progressive contraction of funds.

Meanwhile, museums are increasingly aware of the market. At TEFAF Maastricht, the Rijksmuseum bought a fascinating terracotta depiction of a rhinoceros called 'Miss Clara' attributed to Petrus Camper. Miss Clara gained fame during the 18th century in Europe for her charm. For the museum, this is a purchase of great historical and artistic value, enriching the collection with a three-dimensional representation of Clara. Until now, in fact, the Rijksmuseum only possessed drawings of the animal. The acquisition was made possible thanks to the support of the Johan Huizinga Fonds through the Rijksmuseum Fonds and a private donor. It is a purchase that enriches not only the museum's collections, but also its ability to narrate the colonial, scientific and spectacular imagery of the 18th century.

Italy is also moving, albeit through different instruments. The Ministry of Culture, through the Directorate General for Museums, uses the instrument of private treaty to secure cultural assets of particular value for the public heritage. Between 2022 and 2025 (data updated in June), 119 transactions were concluded for a total of over 23 million euro. This strategic action ranges from ancient paintings to contemporary art, from historical graphics to ethno-anthropological assets, from design to artists' books.

Recent acquisitions include, among others, Umberto Boccioni's Portrait of Sophie Popoff (€960,000), a watercolour drawing by Paul Klee (Night Impression of a Southern Town, €545,000), two sculptures by Arturo Martini (La donna al sole and La lupa ferita, €900,000) and a precious 15th-century illuminated codex destined for the Braidense. Each acquisition is an addition to the construction of a shared memory, but also an investment in the narrative capacity of museums.

This is the case, for example, of the Doge's Palace in Mantua, where the arrival of works linked to the Gonzaga dynasty has triggered an overall rethinking of the layout, contributing to the reopening of entire sections and the restoration of historical rooms. Or the Istituto Centrale per la Grafica, which recounted its acquisitions through the exhibition Acquisizioni. From Parmigianino to Kentridge, pointing out how the increase in heritage is not a bureaucratic act, but an opportunity to give back to the public.

In addition to private negotiations, the state can exercise its right of first refusal on private sales or participate in public auctions, albeit with a number of difficulties due to procedural constraints. The rapid timing of auction houses often cannot be reconciled with the necessary authorisation steps. This is why, in some cases, unsuccessful works are subsequently acquired by the Ministry.

Today's global art market is fast, competitive and highly interconnected: museums - public and private - are called upon to be not only containers of memory, but active players in the production of meaning. From this perspective, collaborations with galleries, targeted acquisitions and presence in fairs should not be seen as dangerous contaminations, but as tools to guarantee access, quality and cultural continuity. The challenge is to find the balance, the key is, once again, transparency.

Bocconi University

Copyright reserved ©
Loading...

Brand connect

Loading...

Newsletter

Notizie e approfondimenti sugli avvenimenti politici, economici e finanziari.

Iscriviti