Global Art Market Essay

Global Art Market Essay

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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.

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