Summary
Economy and art have always been connected, but their relationships have been interpreted in different ways, depending on how society defined the art, culture and economy. Modern ideas concerning creator and creation and their relation to the market are established in Marx’s analysis of capitalistic production and treatment of art within the commodity-money relations. For a long time those ideas have been dominant in economy and sociology, with practical implications in cultural policy. For long, the ideas about non-profit and non-market nature of cultural and artistic creativity had their arguments in the thesis that freedom of creative work is possible only if it is not a means of enrichment of individuals and groups, and if it is beyond any financial reasoning. The last ten years could be marked as the period of changing this paradigm. Transformation of elitist concept of culture into creative sector was supported by technological changes, growing public awareness of developmental potentials of creativity, innovation, skills and knowledge, encouraging intersectoral connections and relationships between culture and other activities, as well as changes in consumer habits. By the end of eighties, market became the instrument of coordinating decisions in culture. Under the concept of ”cultural market”, countries with a long tradition and developed markets in culture and art, often imply primary reliance on the institutions of markets and its actors in economic dimensioning of culture, with the state action in the direction of compensation of market failures and construction of more efficient market structure. Contemporary cultural policies are often focused on discovering balance between market and non-market solutions in order to ensure the fulfillment of cultural needs and economic efficiency of using public resources. This balancing should meet, to a large degree, the objectives of cultural policy and cultural needs and expectations of the cultural community, which is usually achieved by finding various combinations of those organizational dimensions that correspond to tradition, current system of cultural institutions, economic development, etc.

Keywords:
culture, art, market, cultural policy, cultural and economic principles, valuation of cultural and artistic works, economics of culture, non-market solutions

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