I. Global Art Market Overview
1. The Art World and The Art Market
For the recent last decades, art market has become very popular with a boom in total sale revenue worldwide. People start to participate and pay attention to the art world more interactively and frequently. For example, art institutions have gained more admissions than ever before; museum visits surged globally and more people are willing to pursue an art-related career. Generally speaking, art world is broader than the art market. The art world is a overlapping subcultures held by a belief in art. They spread out globally but cluster in art capitals such as New York, London, Los Angeles, Berlin, and the emerging market such as Hong Kong, Beijing and Dubai. The market refers to the people who participate in the art business transaction that is artists, first and second market dealers, curators, collectors and auction houses experts. However in the business operation side, dealers are responsible for channeling and deflecting the power of all the other players, while critics, curators and artists are not directly involved in commercial activities on a regular basis. Most importantly, the art world is a sphere that the cultures and art works themselves play the most fundamental parts while wealth and powers also have a crucial influence on market.
Unlike any other markets, the art market is extremely diverse and opaque. In most cases, buyers tend to hide themselves behind the curtains (especially during important auction events or art fairs), which make it hard to get access to the accurate information (art pieces ownerships, collection ownerships and price history). As a result, the more information you have from the inside market, the more chances you gain art bus...
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...ys in the Art World, W. W. Norton & Company, P12-26
3. Peter Watson, (1998, January 20), Sotheby’s: The Inside Story, Random House; 1st edition, P35-49
4. Clare McAndrew, (2010, February 10), Fine Art and High Finance: Expert Advice on the Economics of Ownership, Bloomberg Press, P235-267
5. Iain Roberson, (2005, June 25), Understanding International Art Markets and Management, Routledge, P168-195
6. James Goodwin, (2008, September 23), The International Art Markets: The Essential Guide for Collectors and Investors, Kogan Page, P13-39
7. In the 2011 RBC/Capgemini Global Wealth Management Financial Advisor Survey, 42% of advisors believe their HNW clients invest in art primarily for its potential to gain in value.
8. http://www.artnet.com
9. http://www.artnet.com/magazineus/news/artnetnews/china-the-worlds-top-art-and-antique-market.asp
10. https://www.tefaf.com/
Cothren, M. & Marilyn Stokstad. (2011). Art History, Volume 2, 4th Edition. Upper Saddle River, NJ: Pearson Learning Solutions.
Pickford, James. "Rich Collectors from China Switch Spending Power to Western Art." Financial Times. The Financial Times Ltd., 29 Nov. 2013. Web. 08 Dec. 2013.
Osborne, Harold. The Oxford Companion to Twentieth Century Art. New York: Oxford University Press, 1981.
Finally is the investigation of the conditions and appropriate environment for the effective presentation of the artwork. This requires the artist to have extensive knowledge of the specific art industry. In the context of the music industry music promoters and designers will have a greater role to play in order to have good presentation and promoting the music artwork.
Stokstad, Marilyn and David Cateforis. Art History. 2nd ed. Vol. 2. Trenton: Prentice Hall, 2002.
Goldwater, Robert and Marco Treves (eds.). Artists on Art: from the XIV to the XX Century. New York: Pantheon Books, 1945.
Furthermore, He considers the dominant of the marketing negotiations between an artist and its client th...
In the article “Conditions of Trade,” Michael Baxandall explains that fifteenth-century Italian art is a “deposit” resulting from the commercial interaction between the artist and the purchaser, who he refers to as a client. These works, as such, are “fossils of economic life,” and money, and they play an important role in the history of art. In our current perception of the relationship between the artist and art, “painters paint what they think is best, and then look around for a buyer” . However in the past, especially during the Renaissance period, the customers determined the content and form of paintings, as it was them who commissioned the work before it was created. He states that the artists and clients were interconnected and a legal agreement was drawn up specifying subject matter, payment scheme and the quality and quantity of colors, which would influence the artist’s painting style. Baxandall not only looks at the explanation of the style of painting that reflects a society, but also engages in the visual skills and habits that develop out of daily life. The author examines the situations between the painter and client within the commercial, religious, perceptual, and social institutions, centrally focusing on markets, materials, visual practices, and the concept of the Renaissance period, which saw art as an institution. Baxandall notes that Renaissance paintings also relate to the clients’ motives through such ways as possession, self-commemoration, civic consciousness, and self-advertisement. The author considers works of a wide variety of artistic painters, for instance, Filippo Lippi, Fra Angelico, Stefano di Giovanni, Sandro Botticelli, Luca Signorelli, and numerous others. He defines and exemplifies fiftee...
Lawrence Gowing, Paintings in the Louvre (New York:Stewart, Tabori & Chang, Inc. 1987), p672.
Janson, Harry W. History of Art. 5th Ed. New York: Harry N. Abrams, 1995. Print.
Art theft is a crime that has been on the rise for the last half of this century. “According to law enforcement officials, art theft now ranks second only to drugs as the world’s most lucrative illegal activity.” (Journal of Commerce) Whether bought, created, or stolen, art has become something that is of great demand. “Art theft has flourished as never before. Just keeping up with the number of stolen objects and their total value is a big-time guessing game.” (Dudar) This is a problem that not only faces us as art owners and collectors, but museums and auction houses as well. Everyone possessing a piece of artwork is at risk of art theft. This artwork doesn’t have to be anything out of the ordinary to be a target. Along with famous paintings, sculptures, and other types of artwork, many insignificant or unrecognized pieces of artwork are being stolen too. “Most thefts appear to be the work of thieves without serious art education. Along with the good stuff, they are apt to sweep up junk – those sappy gift-shop paintings of kids with enormous eyes, for example, which no serious collector would covet.” (Lowenthal) On the other hand some of these thefts are being done by some of the best in the business. “Some thieves have turned out to be professionals who, following fashion, switched from robbing video stores to burgling art. Some are actually specialists in vehicle t...
Collischan, J. (2010). Made in the U S A: Modern/Contemporary Art in America. Bloomington, IN: iUniverse
Art can be seen in every culture and country around the world in many different forms and styles. The only way to be able to see and experience different types and styles of art is to travel around the world and see it at museums. Unless a local museum features different artwork from around the world; there is a rare chance that a person may be able to appreciate different types of artwork from around the world. However, today’s technology has given more people a chance to appreciate art from around the world through virtual museums online.
Caves, R. E. (2000). Creative industries : contracts between art and commerce / Richard E. Caves. Cambridge, Mass. ; London: Harvard University Press.
The international business development has heightened the importance of international market selection (IMS) of companies, especially for their exporting strategy. However, not many companies really comprehend the geographical, social, economic characteristics of foreign countries in comparison with their home countries (Cavusgil, 1985). This fact has challenged many studies to create the optimal approach for IMS. The major question is: Which foreign market should a company enter? Thus, this report focuses on providing a practical consultancy to evaluate and determine its most appropriate foreign markets.