The Art Market, Arts Funding, and Sweat Equity

Abstract

While significant scholarly attention has been paid to retail in gentrified neighborhoods, the origins of this specific form of urban commerce are less clear. The history of New York’s SoHo neighborhood provides a way to explain how and why art galleries, boutiques, and restaurants have come to define the retail landscape of gentrification. It also can help scholars answer two important questions about the arts and city life: how do artists and art galleries spark retail growth? Furthermore, outside of the economic activity created by the sale of art, how do they inspire economic development and gentrification? In the case of SoHo, the art market, government arts funding, and the sweat equity of artists were of central importance in drawing visitors into the neighborhood. These artistic tourists eventually became the customer base for area retail, shaping its distinctive commercial landscape.