Final answer:
The modern-day tourism industry indeed has its roots in the European Grand Tour, which was true to its educational and cultural aspects and had a significant impact on the art market and economy, making tourism a burgeoning industry.
Step-by-step explanation:
The statement that the modern-day tourism industry originated with the European Grand Tour is true. The Grand Tour was a phenomenon that started around 1660 and peaked until the introduction of large-scale railway systems in the 1840s. It was a traditional voyage that upper-class European youths, especially men, would embark upon, serving as an educational rite of passage. They would travel through various European countries like France, Switzerland, Italy, and Germany, absorbing the culture, art, and history.
This journey also contributed to the economy as participants would purchase souvenirs like paintings and Venetian glass, making tourism an industry of its own. Personal portraits by artists like Pompeo Batoni also became popular mementos as depicted in figure 1.2.1. Moreover, the Grand Tour's influence on the art market was notable as it elevated the significance of art dealers and auction houses, transforming art into both cultural and financial investments.