Contemporary art markets identity in the world has turned east: reality facts or fiction?
- Contemporary art marketplaces tend to turn to the East
- Western countries have to envy nothing to their Eastern counterparts
For over hundred years, the contemporary art market has held sway. As London, Paris and New York used to be the most vehement worldwide art capitals which hosted the most prestigious auction houses since the beginning of the 18th century, it was totally ruled and dominated by the major western developed countries. However today's system and distribution of contemporary art forces around the world have been thoroughly questioned by the recent dazzling success of emerging countries' artists within the most prestigious auction houses in the world and by the current economic and social factors. As a result, this market underwent numerous unprecedented modifications over the past few decades.
But what are the latest trends within this market? What is the worldwide geopolitical distribution of contemporary art at the onset of the 21st century? Who are today's most significant stakeholders? What should be learnt in the future contemporary art market? Based on an overview of expert's reports, semi-structured auctioneers interviews, and several case studies, the paper presents the current situation, the evolution and the perspective of this market as well as the role of the political and economic factors that affect it.