Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Turkey's $200m Art Market

February 4, 2010 by Marion Maneker

The Turkish Newspaper, Hurriyet Daily News, cribs a story from Fortune Turkey on the local art market. One important concern expressed in the story is that Turks are the primary buyers of Turkish art and without global appeal, prices can never appreciate:

The annual volume of Turkey’s art market stood at only $7 million during the 1970s, but with free-market reforms in the 1980s, wealthy people were able to become wealthier and buy more art, said Arzu Erdoğan in a report in Fortune Turkey’s February edition. […] Nonetheless, the development of the Turkish market is nothing in comparison with the rest of the world, whose volume is around $50 billion. Turkey currently commands a market of roughly $200 million. […]

“The decline in inflation and interest rates, a stable currency and various investment instruments not yielding quickly have all helped art investment rise,” said Erhan Ersöz, owner of Art Depo and a former deputy general manager for Körfezbank. “The appreciation of art in value is related to personal wealth, plus the elevation of the cultural level,” he told Fortune Turkey.

High Demand in Turkey’s Small Art Market (Hurriyet Daily News)

More from Art Market Monitor

  • Is It Bizarre When Ruprecht Says, ‘an Art Fund Principal Business Has Never Been More Exciting’?Is It Bizarre When Ruprecht Says, ‘an Art Fund Principal Business Has Never Been More Exciting’?
  • Timothy Sammons Faces Extradition to USTimothy Sammons Faces Extradition to US
  • Meet the SheikhaMeet the Sheikha
  • Is the Middle Market Back?Is the Middle Market Back?
  • Roubini’s Regulation of Art Market Would Be More TransparencyRoubini’s Regulation of Art Market Would Be More Transparency
  • Making Sense of Capa's LegacyMaking Sense of Capa's Legacy

Filed Under: Emerging Markets

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor