[Abstract] The lack of transparency in the art market, the high degree of uncertainty about product quality and the resultant tendency for underinvestment in innovative, high-risk forms of art, are some of the key reasons for the historical pattern of the interweaving of art and finance. This connection goes back at least as far as the Medici, who created a vast system of artistic patronage, commissioning work from painters, sculptors, architects, and craftsmen. Colossal investment by banking families in Renaissance Florence contributed to the progressive reorientation of art toward humanism and technical mastery.
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