Programme Structure for 2025/2026
Management Foundations
At the end of this learning units term, the student must be able to:
1. Identify the models of management (or theories) and their contexts: rational goal models, bureaucratic models (internal process models), human relations models and open system models.
2. Explain and describe the beginning and development of the main theories.
3. Identify and describe organizations? Environmental components.
4. Analyze and describe the main concepts and theories in the context of the management process: Planning and decision making, Organizing, Leading, Controlling and Social Responsibility.
1. Managing in organizations
2. Models of Management
3. Organization Contexts
4. Planning
5. Decision Making
6. Organization Structure
7. Influence and Power
8. Motivation
9. Performance Measurement and Control
10. Corporate Responsibility
Evaluation may be continuous or final.
Continuous evaluation entails the instruments:
Class participation and attendance - 10%
Work - 20%
Final test - 70% (the test mark must be at least 8).
Students may opt for a final written exam (two dates) at the end of the semester.
BODDY, David (2016). Management, an Introduction, 7th Edition ( Prentice Hall)
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Cultural Entrepreneurship
LO1 - Develop a business project for-profit/non-profit
LO2 - Know the contextual and personal characteristics that favor innovation and entrepreneurship.
LO3 – Apply the Business Model Canvas methodology and create value propositions
LO4 - Know how to prepare the business plan for your business project (including market analysis, competition analysis, business strategy, marketing plan, financial projections)
LO5 - Know how to present the business plan to obtain financing/support
PC1 - The context and the entrepreneur:
PC1.1: Contextualization of the current environment for starting business projects in the field of cultural/creative industries
PC1.2: The profile of the entrepreneur and cultural entrepreneurship
PC2: Business models – Introduction, examples, and case studies
PC3: Business Model Canvas
PC4: Create value propositions (presentation and discussion of value propositions prepared in groups)
PC5: Business plan – structure (market segments, competition analysis, marketing plan, financial plan)
PC6: Presentation and discussion of business projects (pitch)
There are two evaluation methods:
(1) Assessment throughout the semester (recommended assessment method)
Throughout the semester, the following assessment instruments will be used:
- Attendance and participation - (20%) – Attendance of at least 66% of classes required
- Business plan (group project): final presentation - (30%) - All group members must participate in the presentation
- Business plan (group project): written report - (50%)
(2) Assessment by written exam (100%)
Osterwalder, A. & Pigneur, Y. (2010). Business Model Generation. New Jersey: J. Wiley & Sons. https://catalogo.biblioteca.iscte-iul.pt/cgi-bin/koha/opac-detail.pl?biblionumber=88421
Osterwalder, A., Pigneur, Y., Bernarda, G., Smith, A. & Papadakos, P. (2014). Value Proposition Design. New Jersey: J. Wiley & Sons.
Gehman, J., & Soublière, J-F. (2017). Cultural entrepreneurship: from making culture to cultural making. Innovation 19 (1), 61-73. DOI:10.1080/14479338.2016.1268521
Barringer, B.R. and Ireland, R.D. (2016). Entrepreneurship: Successfully Launching New Ventures, Pearson Prentice-Hall, Upper Saddle River, NJ.
Andrews, R. (2019). Arts Entrepreneurship: Creating a New Venture in the Arts. London: Routledge
Bock, A. J., & George, G. (2018). The Business Model Book. Harlow: Pearson Education Limited.
Naudin, A. (2019). Cultural Entrepreneurship: The Cultural Worker’s Experience of Entrepreneurship. London: Routledge
Marketing in Art Markets
At the end of this learning unit's term, the student must be able to:
LG1= Understand the concept, importance and fundamentals of Cultural Marketing.
LG2= Understand the functioning process of the art markets (interaction between all the components of the system).
LG3= Critically discuss the functioning of Marketing in the art markets.
I. Cultural and artistic marketing
II. Popular art and erudite art: History and differentiating elements
III. Offer Identification- Art and Artists
IV. Identification of the target according to the type of art
V. Cultural Brand Construction
VI. Cultural Marketing: State vs. Private Companies
VII. Art markets trends
VIII. Portugal as a cultural destination
Assessment consists in 3 elements: 1) a test with several development questions encompassing all the program (40%); 2) a commented synthesis of a book related with this CU (40%); 3) participation and assiduity (20%).
BibliographyS Botti - International Journal of Arts Management, 2000. What role for marketing in the arts? An analysis of arts consumption and artist
Robertson, Iain, 2016. Understanding Art Markets. Inside the world of art and business, Londres, Routledge
JN Kapferer - Business Horizons, 2014. The artification of luxury: From artisans to artists
J Lagier, B Godey - International Journal of Arts Management,2007.A scale for measuring aesthetic style in the field of luxury and art products
Harris, Jonathan,2017. The Global Contemporary Art World, Oxford, Wiley Blackwell.
F Colbert, Y St?James-Psychology & Marketing,2014.Research in arts marketing: evolution and future directions
F Colbert,2009.Marketing Culture and the Arts, Chair in Arts Management
Fernandes, Alexandra; AFONSO, Luís,2012 (eds.).Os Leilões e o Mercado da Arte em Portugal.Estrutura, história, tendências, Lisboa, Scribe.
Adam, Georgina,2014.Bib Bucks.The explosion of the art market in the 21st century, Farnham, Lund Humphries.
WITTMAN, Robert, 2011. O Mundo Secreto da Arte Roubada, Lisboa, Círculo de Leitores.
WATSON, Peter; TODESCHINI, Cecilia, 2006. The Medici Conspiracy. The illicit journey of looted antiquities. From Italy?s tomb raiders to the world?s greatest museums, Nova Iorque, Public Affairs.
VELTHUIS, Olav, 2007. Talking Prices. Symbolic meanings of prices on the market for contemporary art, Princeton e Oxford, Princeton University Press (1ª ed. 2005).
VADI, Valentina; SCHNEIDER, Hildegard, (eds.), 2014. Art, Cultural Heritage, and the Market. Ethical and legal issues, Berlim, Springer.
STOURTON, J., 2007. Great Collectors of Our Time. Art collections since 1945, Londres, Scala.
SIMÕES, Pedro, 2016. O Mercado da Arte Moderna e Contemporânea em Portugal (2005-2013). Doutoramento em História, especialização em História da Arte, FLUL.
SHINNER, Larry, 2004. La Invención del Arte. Una historia cultural, Madrid, Paidós.
ROBERTSON, Iain (ed.), 2005. Understanding International Art Markets and Management, Londres, Routledge.
ROBERTSON, Iain, 2011. A New Art from Emerging Markets, Farnham, Lund Humphries.
PROWDA, Judith, 2013. Visual Arts and the Law. A handbook for professionals, Farnham, Lund Humphries.
POLSKI, Richard, 2011. The Art Prophets: The Artists, Dealers, and Tastemakers Who Shook the Art World, Nova Iorque, Other Press.
NAIRNE, Sandy, 2011. Art Theft and the Case of the Stolen Turners, Londres, Reaktion Books.
MOUREAU, Nathalie e Dominique SAGOT-DUVAUROUX, 2006. Le marché de l?art contemporain, Paris, Découverte.
MOULIN, R., 1997. L?artiste, l?institution et le marché, Paris, Flammarion (1ª ed. 1992).
MONCADA, Miguel Cabral de, 2006. Peritagem e Identificação de Obras de Arte, s.l., Civilização Editora.
MELO, Alexandre, 1999. Arte e Mercado em Portugal: Inquérito às Galerias e Uma Carreira de Artista, Lisboa, Observatório das Actividades Culturais.
________, 2010 (ed.). Fine Art and High Finance. Expert advice on the economics of ownership, Nova Iorque, Bloomberg Press.
McANDREW, Clare, 2007. The Art Economy. An investor?s guide to the art market, Dublin, The Liffey Press.
LINDEMANN, Adam, 2006. Collecting Contemporary, Colónia, Taschen.
LENAIN, Thierry, 2011. Art Forgery. The history of a modern obsession, Londres, Reaktion Books.
HOROWITZ, Noah, 2011. Art of the Deal: Contemporary Art in a Global Financial Market, Princeton, Princeton University Press.
HEINICH, Nathalie, 2014. Le paradigme de l?art contemporain. Structures d?une révolution artistique, Gallimard.
HARGREAVES, Manuela, 2013. Colecionismo e Mercado da Arte em Portugal. O território e o mapa, Porto, Afrontamento
HACKFORTH-JONES, Jos; ROBERTSON, Iain (eds.), 2016. Art Business Today. 20 key topics, Farnham, Lund Humphries.
GRAMPP, William, 1989. Pricing the Priceless. Art, artists and economics, Nova Iorque, Basic Books.
GOODWIN, James, 2008. The International Art Markets. The essential guide for collectors and investors, Londres e Filadélfia, Kogan Page.
GINSBURGH, Victor; WEYERS, Sheila, 2008. ?On the contemporaneousness of Roger de Piles? Balance des peintres??, in J. Amariglio et al. (eds.), Sublime economy: on the intersection of art and economics, Londres, Routledge, pp. 112-123.
FERNANDES, Alexandra; AFONSO, Luís U., 2014. ?Joana Vasconcelos: managing an artist?s studio in the early 21st century?, International Journal of Arts Management, vol. 17, n. 1, 2014, pp. 54-64.
ELSNER, J.; CARDINAL, R. (eds.), 1994. The Cultures of Collecting, Londres, Reaktion Books.
DUARTE, Adelaide, 2016. Da coleção ao museu. O colecionismo privado de arte moderna e contemporânea em Portugal, Casal de Cambra, Caleidoscópio.
DICKIE, George, 1997. The Art Circle. A theory of art, Evanston, Chicago Spectrum Press.
DANTO, A. C., 1964. ?The artworld?, Journal of Philosophy, 61, pp. 571-584.
DE MARCHI, Neil; MIEGROET, Hans, 2006. ?The history of art markets?, Victor Ginsburgh e David Throsby (eds.), Handbook of the Economics of Art and Culture, vol. I, North-Holland / Elsvier, pp. 69-122.
CLUNAS, Craig, 2004. Superfluous Things. Material culture and social status in Early Modern China, Honolulu, University of Hawai?i Press.
CHARNEY, Noah (ed.), 2009. Art and Crime: Exploring the Dark Side of the Art World, Santa Barbara, Greenwood Press.
CARROL, Nöel (ed.). Theories of Art Today, Madison, University of Wisconsin Press, 2000.
BUCK, Louisa; GREER, Judith, 2006. Owning Art. The contemporary art collector?s handbook, Londres, Thames & Hudson.
BOURDIEU, Pierre; DARBEL, Alain, 1997. L?amour de l?art. Les musées d?art européens et leur public, Paris, Minuit (1ª ed. 1969).
BOURDIEU, P., 1996. La distinction. Critique sociale du jugement, Paris, Minuit (1ª ed. 1979).
BOLL, Dirk, 2011. Art for sale. A candid view of the art market, Ostfildern, Hatje Cantz Verlag.
BECKER, Howard, 1982. Art Worlds, Berkeley, University of California Press.
BAUDRILLARD, Jean, 2006. O Sistema dos Objetos, São Paulo, Perspectiva (1ª ed. 1968).
ATWOOD, Roger, 2004. Stealing History: Tomb Raiders, Smugglers, and the Looting of the Ancient World, Nova Iorque, St Martin?s Press.
APPLEYARD, Charlotte; SALZMANN, James, 2012. Corporate Art Collections. A handbook to corporate buying, Farnham, Lund Humphries.
ALFORD, Kenneth, 2011. Allied Looting in World War II: Thefts of Art, Manuscripts, Stamps and Jewelry in Europe, McFarland & Co Inc.
AFONSO, Luís, 2015. ?A China e o mercado da arte português na atualidade?. In L. F. Barreto e V. Serrão (eds.). Património Cultural Chinês em Portugal, CCCM/Fundação Jorge Álvares, pp. 215-226.
Accountability and Finance Foundation
At the end of this course, students should be able to:
LO1. Define the objective of financial accounting and the basic accounting equation.
LO2. Explain the effect of decisions and business transactions on the accounting equation.
LO3. Explain the concepts of direct and indirect costs, relevant and irrelevant costs, and incremental profits and costs.
LO4. Explain the concepts of profitability, working capital and solvency.
Chapter 1. Investing and financing decisions
1.1. Overview of accounting concepts: Assets, liabilities and equity
1.2. How to analyze the balance
Chapter 2. Operating decisions
2.1. Basic concepts: Costs, revenues, profit and loss
2.2. How to analyze the income statement
Chapter 3 - Costs and decision-making
3.1. Direct and indirect costs
3.2. Allocation of indirect costs
3.3. Fixed and variable costs
3.4. Relevant and irrelevant costs
3.5. Incremental costs and profits
3.6. Opportunity costs
Chapter 4 - Fundamentals of finance
4.1. Profitability
4.2. Working capital
4.3. Solvency
There are two different processes of evaluation:
1. Assessment throughout the semester:
- Group work assignment (40%)
- Individual assessment test (60%)
Requirements:
- At least 70% class attendance
- Completion of the group work assignment
- Access to the final exam requires a minimum of 10 points in the group work assignment.
- Minimum grade of 8 points in the individual assessment test.
2. Final sitting exam (100%)
A minimum score of 10 points on the exam is required for approval.
Drury. C. and Tayles, M., Management and Cost Accounting, 2023, 12th Edition, Cengage Learning,
Fraser, L. and Ormiston, A., Understanding Financial Statements, 2023, 12th Edition, Pearson,
Libby, R, Libby, P. and Hodge, F., Financial Accounting - International Edition, 2022, Eleventh Edition, McGraw Hill,
Miller-Nobles, T. and Matisson, B., Horngren’s Accounting, 2024, 14th Edition, Pearson,
Garrison, R., Noreen, E. and Brewer, P., Managerial Accounting, 2023, 18th Edition, McGraw-Hill,
Financial Investments in Works of Art
At the end of this learning unit's term, the student must be able to:
LG1= Identify and understand the main traditional financial investments.
LG2= Explain the use of works of art as alternative financial investments.
LG3= Understand and critically discuss the main models for studying the risk and financial return in works of art
I. Financial investments: basic concepts. Risk and return.
II: Traditional financial investments: deposits, bonds, stocks.
III. Other financial investments: futures, options, forwards.
IV: Principal studies on art as a financial investment.
V. Financial investments in works of art. Isolated investments (direct investment). Art investment funds (indirect investment).
VI. Principal existing models for the study of financial return on works of art: advantages and disadvantages. Repeat sales model (Mei-Moses Index). Hedonic regression model (Artprice Index).
VII. Art as an asset and store of value: review of historic cases. Art as loan collateral. Art and wealth management.
VIII. Risk analysis for investments in art.
IX: The importance of information: data bases, algorithms, speculation, arbitrage, and bubbles in the art market.
X: The arguments for art market regulation.
Test (60%), individual essay 30%) on a topic of the program and attendance and participation (10%).
BibliographyZORLONI, Alessia (ed.), 2016. Art Wealth Management. Managing private art collections, Cham (Suíça), Springer
ZORLONI, Alessia, 2013. The Economics of Contemporary Art: Markets, strategies, and stardom, Berlim, Springer.
VELTHUIS, Olav, 2007. Talking Prices. Symbolic meanings of prices on the market for contemporary art, Princeton e Oxford, Princeton University Press (1ª ed. 2005).
ROBERTSON, Iain, 2016. Understanding Art Markets. Inside the world of art and business, Londres, Routledge.
HARRIS, Jonathan, 2017. The Global Contemporary Art World, Oxford, Wiley Blackwell.
GERLIS, Melanie, 2014. Art as an Investment? A survey of comparative assets, Farnham, Lund Humphries.
VELTHUIS, Olav; COSLOR, Erica, 2012. The Financialization of Art. In Knorr Cetina, K., & Preda, A. (Eds) The Oxford Handbook of the Sociology of Finance (pp. 471-487), Oxford, Oxford University Press.
THOMPSON, Don, 2018. The Orange Balloon Dog. London, Aurum Press.
SIMÕES, Pedro, 2015. O Mercado da Arte Moderna e Contemporânea em Portugal (2005-2013). Tese de Doutoramento em História, especialização em História da Arte, apresentada à Universidade de Lisboa.
RUSH, Richard, 1961. Art as an Investment, Englewood Cliffs, Prentice-Hall.
ROZEL, Mary, 2014. The Art Collector?s Handbook. A guide to art collection and care, Farnham, Lund Humphries.
ROBERTSON, Iain; CHONG, Derek (eds.), 2008. The Art Business, Londres, Routledge.
REITLINGER, Gerald, 1964. The Economics of Taste. The rise and fall of the picture market. 1760-1960, Nova Iorque, Holt, Reinhart & Winston (1ª ed. Londres, 1961).
MOUSTAIRA, Elina, 2015. Art Collections, Private and Public: a comparative legal study, Cham (Suíça), Springer.
MELO, Alexandre, 2012. Sistema da Arte Contemporânea, Lisboa, Documenta.
McNULTY, Tom, 2014. Art Market Research: a guide to methods and sources, Jefferson (N. Carolina), McFarland & Company.
________, 2010 (ed.). Fine Art and High Finance. Expert advice on the economics of ownership, Nova Iorque, Bloomberg Press.
McANDREW, Clare, 2007. The Art Economy. An investor?s guide to the art market, Dublin, The Liffey Press.
MARTORELLA, Rosana, 1990. Corporate Art, New Brunswick, Rutgers University Press.
MEI, Jianping; MOSES, Michael, 2002. Art as an Investment and the Underperformance of Masterpieces. American Economic Review, 92(5), pp. 1656-1668.
MANDEL, Benjamin, 2009. Art as an Investment and Conspicuous Consumption Good. American Economic Review, 99(4), pp.1653-1663.
KRÄUSSL, Roman; LEHNERT, Thorsten; MARTELIN, Nicolas, 2016. Is there a bubble in the art market? Journal of Empirical Finance, 35, pp. 99-109
HOROWITZ, Noah, 2011. Art of the Deal: Contemporary Art in a Global Financial Market, Princeton, Princeton University Press
HARRIS, Jonathan, 2017. The Global Contemporary Art World, Oxford, Wiley Blackwell.
HACKFORTH-JONES, Jos; ROBERTSON, Iain (eds.), 2016. Art Business Today. 20 key topics, Farnham, Lund Humphries.
GRAMPP, William, 1989. Pricing the Priceless. Art, artists and economics, Nova Iorque, Basic Books.
GOETZMANN, William; Renneboog, Luc; Spaenjers, Christophe, 2011. Art and Money. American Economic Review: Papers and Proceedings, 101(3), pp. 222?226.
GOETZMANN, William, 1993. Accounting for Taste: Art and the Financial Markets Over Three Centuries. American Economic Review, 83(5), pp. 1370?76.
FREY, Bruno; POMMEREHNE, Werner, 1989, Art Investment: An Empirical Inquiry. Southern Economic Journal, 56, pp. 396-409.
FREY, Bruno; EICHENBERGER, Reiner, 1995. On the Rate of Return in the Art Market: Survey and Evaluation. European Economic Review, 39, pp. 528-537.
FREY, Bruno; CUENI, Reto, 2013. ?Why invest in art??, The Economists? Voice, 10 (1), pp. 1-6.
FERNANDES, Alexandra; AFONSO, Luís U. (eds.), 2012. Os Leilões e o Mercado da Arte. Estrutura, história, tendências, Lisboa, Scribe.
FERNANDES, Alexandra; AFONSO, Luís U., 2014. ?Joana Vasconcelos: managing an artist?s studio in the 21st century?, International Journal of Arts Management, 17 (1), pp. 54-64.
DEMPSTER, Anna (ed.), 2014. Risk and Uncertainty in the Art World. London, Bloomsbury Publishing.
CAMPBELL, R.A.J, 2008. Art as a Financial Investment. The Journal of Alternative Investments, 10, pp. 64-81.
BOLL, Dirk, 2011. Art for sale. A candid view of the art market, Ostfildern, Hatje Cantz Verlag.
BAUMOL, William J., 1986. Unnatural Value: or Art Investment as Floating Crap Game. The American Economic Review, 76, pp. 10-14.
ASHENFELTER, Orley; GRADDY, Kathryn, 2003. Auctions and the Price of Art. Journal of Economic Literature, 41(3), pp. 763-787.
APPLEYARD, Charlotte; SALZMANN, James, 2012. Corporate Art Collections. A handbook to corporate buying, Farnham, Lund Humphries.
_______, 2017. Dark Side of the Boom: The excesses of the art market in the 21st century, London, Lund Humphries.
ADAM, Georgina, 2014. Big Bucks. The explosion of the art market in the 21st century, Farnham, Lund Humphries.
Arts Fundraising
By successfully completing this unit the student will be able to:
LG1 - Recognize the major elements, concepts and strategies in fundraising.
LG2 - Understand the motivation of donors, and why attracting all types of support from fundraising is essential to the long-term sustainability of artistic projects and organizations.
LG3 - Identify the main challenges and opportunities for arts fundraising in the Portuguese context and compare it to the international scene.
LG4 - Distinguish when to apply the different types of fundraising.
LG5 - To acquire skills that will enable students to develop a compelling case to raise money, to identify potential donors, to cultivate them , to implement a multilevel fundraising plan and evaluate.
LG6 - Develop alternative models in fundraising.
1. INTRODUCTION TO THE COURSE AND DEMYSTIFING FUNDRAISING.
2. THE PORTUGUESE VS THE INTERNATIONAL CONTEXT. CHALLENGES AND OPPORTUNITIES.
3. SPONSORSHIP AND DONATIONS, FUNDRAISING FOR NON-PROFITS AND FOR THE FOR-PROFIT ART MARKETS SECTOR.
4. SOURCES AND STRATEGIES IN FUNDRAISING
5. THE FUNDRAISING CYCLE:
- Research, strategy and planning;
- Identification and donor cultivation;
- Defining the right form of support (major gifts, capital campaigns, in kind contributions, partnerships, year end giving);
- Soliciting and the asking process (creating a compelling case, grant proposal writing, online fundraising);
- Implementation. (Counterparts and visibility for sponsors, limits and ethics in fundraising, the sponsor’s organigram and nomenclature);
- Stewardship and evaluation;
6. THE FUTURE OF FUNDRAISING AND PHILANTHROPIC SUPPORT FOR THE ARTS
The evaluation will be based on three elements with a classification from 0 to 20 with a weight of 100%:
1st Assiduity, oral participation and readings (30%.);
2nd Essay on a case presented in class (30 %);
3rd Fundraising proposal for an institution/project/artistic company (20%), presentation of the fundraising proposal (20%)
Fredrick, L. The Ask: How to Ask for Support for Your Nonprofit Cause, Creative Project, or Business Venture. Wiley, 2010. ISBN-13: 978-0470480946, ISBN-10: 0470480947 Sargeant, A., Shang. J. Fundraising: Principles and Practice. 2nd ed., Wiley, 2017. ISBN-13: 978-1119196495, ISBN-10: 1119196493 VanHuis, M.,+A51 Pubols, H. (ed.). Essentials for Fundraising and Development: A Collection of Best Practices, Ideas, and Strategies. s.e., 2021. ISBN-13 979-8597578743
Greer. L., Kostoff,L. Philanthropy Revolution: How to Inspire Donors, Build Relationships and Make a Difference, HarperCollins, 2020, ISBN-10 0008381585 , ISBN-13 978-0008381585 Karsh, E., Fox, A. The Only Grant-Writing Book You'll Ever Need. 5th ed., Basic+A42 Books, 2019. ISBN-10 1541617819 , ISBN-13 978-1541617810 Kihlstedt, A. Capital Campaigns: Strategies that Work. 4th ed, Jones & Bartlett Learning, 2016. ISBN-10 1284069230, ISBN-13 978-1284069235 Klein, K., Yogi, S. Fundraising for Social Change. 8th ed. Wiley, 2022. ISBN-10 1119845289, ISBN-13 978-1119845287 Vallely, P. Philanthropy, from Aristotle to Zuckerberg. Bloomsbury Continuum, 2020. ISBN-10 1472920120, ISBN-13 978-1472920126