![]() ![]() As part of this process, art investment has been legitimated by adopting role models, organizational blueprints, and market devices from the world of finance (section three). Their opposition has, however, gradually eroded in a three-stage process of increasing rationalization and scientization of the market. Members of the financial community, in contrast, have hesitated to recognize art as a valid asset class because of the art market's lack of liquidity, transparency, and standardization. Members of the art world have opposed the definition of art as an asset class and the commensuration efforts which this definition entails (see second section). First of all, in spite of the fact that the investment potential of art has long been recognized (section one), its recent financialization has been resisted by both members of the art world and of the financial markets. ![]() ![]() The financialization of art merits the attention of social scientists studying finance for a number of reasons.
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