Why art business schools are thriving?

The director of London-based Sotheby’s Institute, Jos Hackforth-Jones, had stated in an interview last year that their enrollment figures had steadily increased over the last few years, especially in programs that offer professional development expertise. The school’s specialist short courses with the focus on career progression include areas like Asian art, the art market & business of art.

So why art business schools are thriving? Oil-rich benefactors and governments in Doha, Qatar and other Arabian nations are keen to set up museums and collections. The Gulf region seems to be emerging as a hub for art business schools. What seems to be hampering the efforts to create a network is the underlying shortage of structures and skills, such as archiving, proper cataloguing and conservation.

Established schools like Paris based IESA (the Institut d’Études Supérieures des Arts) see this as a huge opportunity. Its co-founder Françoise Schmitt recently explored the prospects of a staff training module with the Doha Museum. Simultaneously, the schools are keenly looking for growth in these so-called emerging markets.

Recent auction sales suggest the art market is set to bounce back after having taken a hit during the economic crisis global. These developments present an opportunity to them. Far from feeling the post-recession pinch, these institutions haven’t really felt the financial crisis at all. In fact, enrolment in IESA’s courses rose to 1,000 from 700 a year ago. Most art business schools have a similar tale to tell.

According to an estimate, the European Union art market alone employed 270,000 professionals directly in a year’s time, plus not less than 107,500 people in various other support services. Drouot Formation in Paris, the Drouot auction house’s continuing education department, has received a higher number of applications for its professional programs. These are 40 and 50 years old wanting to bring their respective entrepreneurial skills to the expanding art market. The schools guide them on their ideas and projects in order to help them get conversant with the art market.