Stars and precariousness in the art world.

Abstract

This article presents, from an institutional perspective, the vulnerability faced by many agents of the art world and its market. We defend that this vulnerability is due to two key factors. The first one, is the uncertainty regarding what is art. The second one, is the Cash Reserve Ratio with low reserve requirements. As stated in this article, money is a useful mechanism to reduce the uncertainty. Nevertheless, the Cash Reserve Ratio with low reserve requirements is not sustainable and ends in economic precariousness. The approach of this article is theoretical, and presents conclusions in a cogent and generalized form. The main conclusion of this text is that an economic system sustained in monetary units linked to standard resources could decrease the agents within the art world and its market. Nevertheless, those agents could develop their activity in a more optimal situation.