... has implications on the formation of prices and values in the art market, due to the macroeconomic reality, political and cultural changes of this period. Throughout the nineteenth century, the Académie des Beaux-Arts continued to produce many important artists. It lost its power only at the turn of the century when it failed to acknowledge radical styles such as Impressionism and Post-Impressionism. The downfall of academic art also was hastened by economic changes in the art market, which included the growth of independent exhibitions and the development of private sales galleries. Over these years, the unsettled system of financial market which the art market became part of has evolved into a greater conscience of the complex behaviour of the individual in his The commercial market economy has been favourable for the development of the arts. Therefore, the market limits the supply of art and antiques studying the ...

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