Exploring Risk and Uncertainty: Metaphors from the Art Market

Payal Arora (PhD Columbia University-TC; MEd. Harvard University) is an Assistant Professor in the Department of Media and Communication at Erasmus University Rotterdam, The Netherlands. Her research work focuses on social computing, knowledge constructions and cybercultures. Her work has been published in the British Journal of Educational Technology, The Information Society, International Journal of Cultural Studies and the like. Her 2010 article on digitalisation of information won the Social Informatics Best Paper Award by the American Society for Information Science and Technology. She is the author of Dot Com Mantra: Social Computing in the Central Himalayas (Ashgate) and the upcoming book, Virtual and Real Leisure Spaces: A Comparative and Cross-Cultural Analysis (Routledge).

Richard Bronk is a writer and Visiting Fellow at the European Institute, London School of Economics with expertise in the history of ideas, philosophy of economics, comparative corporate governance and European political economy. He spent 17 years in the City of London - positions including head of European equities at Baring Asset Management, European equity strategist at Merrill Lynch, and Adviser on European capital markets and political economy at the Bank of England. Richard is author of Progress and the Invisible Hand - the Philosophy and Economics of Human Advance; and The Romantic Economist - Imagination in Economics. He has an MA in Classics and Philosophy from Merton College, Oxford.

Tom Christopherson is a Senior Director of Sotheby's and has been European General Counsel since 2001, heading the Legal and Tax & Heritage Departments for Sotheby's Europe and Asia. He read Modern History at Oxford before qualifying as a Solicitor in 1989. Tom worked at the private client specialist law firm Withers from 1987-1989 and then at the international corporate law firm Freshfields from 1989 to 1996, working in London and Brussels and including a year with the Corporate Strategy Department at the Rank Organisation plc. Tom joined Sotheby's in January 1997 and is a member of the Committees of the British Art Market Federation and the Society of Fine Art Auctioneers, and sits on the Court of the Company of Arts Scholars, Dealers and Collectors and on the Advisory Board of the Sotheby's Institute, London.

D'Maris Coffman is the Director of the Winton Centre for Financial History & the Mary Bateson Research Fellow at Newnham College, Cambridge. Most of her current research is on the relationship between public finance and private capital markets in early modern and early late modern Europe. She manages the European State Finance Database. She received her MA and PhD in History from the University of Pennsylvania and her BSc in Economics from the Wharton School. She has offered courses to advanced undergraduates and graduate students at Penn and Cambridge in early modern public finance, economic thought, and the development of financial capitalism.

Anna Dempster is Senior Lecturer in Art Business, Sotheby's institute of Art, London. She has a BA and M.Phil in History from the University of Cambridge, and a PhD at the Judge Business School, Cambridge. For the past six years she has held a lectureship at Birkbeck College, University of London becoming Programme Director of the MSc/MA in Creative Industries. Her research and teaching experience is in leading institutions, including London Business School, Rotterdam School of Management and the University of the Arts, London, where she was Research Director of the Creative Industries Observatory. Her research focuses on the role of risk and uncertainty in the creative industries and visual arts with publications in strategic management, innovation and entrepreneurship.

Jeremy Eckstein started his working life as an actuary and fund manager, before joining Sotheby's as Head of Research where he created indices and other performance statistics to monitor the art market for investors such as the British Railways Pension Fund. He has worked as an independent consultant since 1990, undertaking a broad range of commissioned research, conducting surveys for the art trade and producing a variety of statistics and economic analyses. He has a special interest in 'securitising' art, structuring fine art investment funds and specialist financial services for the art market.

Tom Flynn is a London-based art historian, critic and journalist. He lectures on the history of the art market at Kingston University, at the IESA/Wallace Collection Masters course in Art and Business, and is a visiting lecturer at Christie's Education. His publications include The Body in Sculpture (Weidenfeld & Nicolson, 1997), Colonialism and the Object: Empire, Material Culture and the Museum (Routledge 1998, co-edited with Dr Tim Barringer), and Sean Henry Scala, 2009). In 2007, he founded The Sculpture Agency to promote contemporary sculpture.

Jos Hackforth-Jones is Director of Sotheby's Institute of Art - London. She has a PhD from the University of Sydney and an MA from the Courtauld Institute of Art. Prior to her role at Sotheby's Institute, she was President and Provost at Richmond. She is a distinguished academic administrator, noted art historian, author, curator and lecturer. She has published widely on art historical subjects, including most recently Edges of Empire: Orientalism and Visual Culture, (coedited with Mary Roberts, Blackwell Publishing, 2005). She has held a number of international research fellowships organised colloquia and conferences and lectured extensively. In 2007 she was lead curator of the exhibition, Between Worlds, Voyagers To Britain 1700-1850 at the National Portrait Gallery, London.

Margaret Iversen is Professor in the School of Philosophy and Art History, University of Essex, England. She is author of Beyond Pleasure: Freud, Lacan, Barthes (2007), Alois Riegl: Art History and Theory (1993) and Mary Kelly (coauthored with Douglas Crimp and Homi Bhabha, 1997). Recent publications include Chance (2010) and Writing Art History (co-authored with Stephen Melville, 2010). Between 2007-2011, she was Director (with Diarmuid Costello) of a major interdisciplinary AHRC-funded research project, "Aesthetics after Photography." She is currently writing a book on photography, trace and trauma.

Michael G. Jacobides holds the Sir Donald Gordon Chair for Entrepreneurship & Innovation at London Business School, where he is Associate Professor of Strategic and International Management. A Ghoshal Fellow at the Advanced Institute for Management Research, he studied in Athens, Cambridge, Stanford and Wharton and has been on the faculties of Wharton and Harvard Business School. He works with organisations such as the WEF, Zurich, BBVA, Santander, BT, EDS, Bertelsmann, IBM, PwC, Saatchi, Lufthansa, EADS and UNCTAD, helping to re-think how firms navigate in shifting landscapes. He has published in journals such as SMJ, Organisation Science, Research Policy, AMJ, AMR, JMS, and ICC where he is an Associate Editor, as well as HBR, the Financial Times and Forbes.com.

Arjo Klamer (1953) is professor of cultural economics at the Erasmus University. Before that he taught at several American universities (Duke University, Wellesley College, University of Iowa and George Washington University). He is on the board of several cultural organisations in the Netherlands and experienced true entrepreneurship in an attempt to found a new university (Academia Vitae in Deventer). Currently he is co founding an organisation that will assist cultural organisation to switch to an entrepreneurial mode. With (former) PH students he has set up the summerschool Value of Culture with venues throughout the world. In his writing he develops a cultural economic perspective that deals with the essential tensions between economy and art or culture.

Joseph Lampel is Professor of Strategy at Cass Business School, City University London. Joseph Lampel is director of the Film, Media, and Entertainment Research Centre at Cass Business School. He is also the editor with Jamal Shamsie and Theresa Lant of The Business of Culture: Emerging Perspectives in Media and Entertainment, Lawrence-Erlbaum, (2005), and has published in Strategic Management Journal, Organisation Science, Journal of Management Studies, Sloan Management Review, among others. Joseph Lampel does research on the film, art, fashion, music, and fragrance industries. He can be contacted at lampel@city.ac.uk.

Clare McAndrew is a cultural economist, investment analyst and author. Clare founded Arts Economics 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 the 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 specialising in art investment, as chief economist. Clare set up Arts Economics to focus her efforts on art market research and analysis, and works with a network of private consultants and academic scholars in 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 most recent book entitled Fine Art and High Finance, published by Bloomberg Press.

Laurent Noel is Assistant Professor and heads the Major in "Cultural institutions and multimedia industries management" at Audencia Nantes School of Management. He received his Doctorate in Economic Sciences, from the University of Paris. His research area includes a variety of topics in art and cultural management.

Anders Petterson is Founder and Managing Director - ArtTactic, London. He is a leading authority on the art market, with particular focus on the modern and contemporary emerging art markets. He previously worked at JP Morgan in the Investment Banking division, responsible for debt capital market and structured products for banks and corporates. He worked as an independent Research & Evaluation consultant for Arts & Business in London between 2002-2007, and has been involved in a number of large research and evaluation projects in the cultural sector. Anders is lecturing on the topic of 'Art as an asset class' for Cass Business School, Sotheby's Institute in London and IESA in Paris. He is a frequent art market commentator on Bloomberg TV, Reuters and CNN.

Rachel Campbell-Pownall completed a First-class Honours Bachelor's degree on Economics and Econometrics at the University of Kent at Canterbury, in the UK in 1996. She completed a Masters in Finance and Econometrics in 1998, and then went on to complete her PhD on Risk Management in International Financial Markets at Erasmus University, Rotterdam in 2001. She currently works at the Tilburg Sustainability Centre at Tilburg University as an associate professor of finance and at the University of Maastricht as an assistant professor of finance. She teaches Financial Research Methods at Maastricht University, and Capital Markets and Investment Management for Tias Business School.

Phanish Puranam is Professor of Strategy and Entrepreneurship at the London Business School. He is also Chair of the School's PhD Programme. Phanish studies the design and management of collaborative structures within and between corporations. He obtained his PhD at the Wharton School of the University of Pennsylvania, and has been on the faculty of London Business School since 2001.

Danny Ralph is a Founder and Director of the Centre for Risk Studies, Professor of Operations Research at Cambridge Judge Business School, and a Fellow of Churchill College. Danny received his PhD in 1990 from the University of Wisconsin Madison. He was a faculty member of the Mathematics & Statistics Department at the University of Melbourne before coming to Cambridge University for a joint appointment in the Engineering Department and Cambridge Judge Business School. Danny's research interests include optimisation methods, equilibrium models for electricity markets, and risk in business decision making. He is Editor-in-Chief of Mathematical Programming (Series B).

Mary Rozell is Director of Art Business, Programme Director and full-time faculty at Sotheby's Institute of Art, New York. She has an MA in Modern Art from the Courtauld Institute of Art, JD from Pepperdine University School of Law; and BA, Hamilton College. She is a member of the California and District of Columbia bars. An art historian and art lawyer, Mary Rozell specialises in private art collection management and is a legal advisor to collectors, artists, and foundations. Ms. Rozell was the Germany correspondent for The Arts Newspaper, a curator of contemporary art, and a consultant to galleries and Villa Grisebach Auctions. She served as the Director of the European Studio Programme for the ACC Galerie/City of Weimar, Managing Director of the Swiss Institute - Contemporary Art, and as director of a major private art collection and related foundation.

Stephen Satchell was born in Dunedin, New Zealand, is currently a teaching fellow at Trinity College, Cambridge University, and a Visiting Professor in Finance at Sydney University, Australia. He is the Editor of Journal of Asset Management, Journal of Risk Model Validation, Journal of Derivatives and Hedge Funds. He has written nearly 200 refereed articles and is the author/editor of 11 books. He has PhDs from London and Cambridge universities and is an honorary actuary. He is strongly associated with quantitative asset management but finds other approaches interesting as well.

Christophe Spaenjers is an Assistant Professor of Finance at HEC Paris. He received his PhD from Tilburg University. During his PhD, he also visited London Business School, Columbia Business School, and the International Center for Finance at Yale University. His research interests include investments, investor behavior, international finance, empirical corporate finance, and financial history. He has published in journals such as the Journal of Financial Economics, American Economic Review (P&P), and Oxford Economic Papers.

Michelle Tuveson is a Founder and Executive Director of the Cambridge Centre for Risk Studies. She has worked in the technology sector for the majority of her career, with her most recent position in the Emerging Markets Group at Lockheed Martin. Prior to that, she held positions with management strategy firm Booz Allen & Hamilton, and U.S. R&D organisation MITRE Corporation. Her research interests include machine learning applications for modelling sentiment indicators and their impacts on markets. She was awarded by the Career Communications Group, Inc. as a Technology Star for Women in Science, Technology, Engineering and Maths (STEM). She has degrees from the Massachusetts Institute of Technology, Johns Hopkins University. She is a member of Christ's College Cambridge.

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Filip Vermeylen (Ph.D. Columbia University 2002) is an Associate Professor at Erasmus University Rotterdam where he teaches and coordinates various courses in the Master's program 'Cultural Economics and Cultural Entrepreneurship'. He lectures and publishes on different aspects of the economics of art and culture with an emphasis on the history and functioning of art markets, the notion of quality in the visual arts and the role of intermediaries as arbiters of taste. Since 2009, he is the program director of an NWO-research project entitled Artistic exchanges and cultural transmission in the Low Countries, 1572-1672. His book Painting for the Market: Commercialisation of Art in Antwerp's Golden Age won the Robert Bainton Prize for Art History in 2004.