The Relationship Between the Development of the Art Industry and the Turnover of Economic Cycles

Abstract: In recent years, the area has grown significantly, creating a trend in art appreciation. This boom has led to a surge in the popularity of museums such as the National Gallery. This project aims to find out more about the economic contribution of art exhibitions. Using advanced time series analysis models including the intervention analysis model and vector autoregressive model, we obtained the following conclusions. First, the positive impact of low levels of economic development and high levels of government expenditure on the arts industry is obvious. Second, the growth of the arts industry has a small impact on most economic indicators. Third, the final impact of GDP on the arts industry is still uncertain due to the complex pattern of the model, with the possibility of a positive correlation with ln (art prices) being observed in the early stages of small GDP growth, while a quadratic pattern may be observed when the GDP index grows above a certain level and art prices fall Conclusion. Further research is needed to investigate the complex relationship between inflation and art prices. Our academic contribution mainly focuses on the multiple-way causal relationships between the economy, art exhibition, tourism, and education, which reveals the underlying mechanism of how art exhibitions promote the economy.