The Art of Collecting: Foundations of the Art Market

As part of the lecture series organised in collaboration with Abu Dhabi Art, Bassam Freiha Art Foundation hosted Foundations of the Art Market, presented by Dr. Michaela Watrelot. This session offered an accessible introduction to how the art market developed historically and how it functions today.

The lecture explored the early systems that shaped the circulation of artworks, from royal patronage and private collections to the emergence of museums, dealers, and public auction houses. Dr. Watrelot highlighted the key forces that contributed to the professionalisation of the market, introducing participants to the evolution of connoisseurship, the role of institutions, and the rise of market intermediaries.

Through a clear and structured overview, attendees were introduced to the core actors, mechanisms, and terminology that define today’s art economy. The session also reflected on how value is constructed, how artworks move between the primary and secondary markets, and how historical developments continue to influence contemporary collecting and institutional practices.

This lecture formed part of a three-part educational series developed with Abu Dhabi Art, offering audiences a deeper understanding of the cultural, economic, and historical foundations that continue to shape the global art world.