Art Market Monitor

Global Coverage ~ Unique Analysis

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

Think Globally, Buy Locally

April 25, 2014 by Marion Maneker

Olav Velthuis
Olav Velthuis

Melanie Gerlis was at a Olav Velthuis’s recent presentation of his research where he revealed that idea of a vast global art market has been overblown in the press. However, as Clare McAndrew’s recent TEFAF report showed, a tiny portion of the art sold (8%) accounts for the vast majority of the market’s value (82%):

Velthuis was presenting his preliminary research into the art markets in Brazil, Russia, India and China where he has found that the majority of businesses are organised “extremely locally”, despite aspiring to the borderless ideals of international artists who command global demand—which he said has been “vastly exaggerated”.

He acknowledged the “small top segment” of private-jet setters who operate in a global art world—but said that this area is covered disproportionately through both the media and academia, thus fuelling the myth. Sitting in the audience was the Courtauld Institute’s professor, Julian Stallabrass, who was quick to point out that this top segment may be small, but accounts for a significant proportion of the art business.

Another way to look at globalization is the volume of art imports which peaked a few years ago at €17bn or only a quarter of the estimated global art market.

Is the global art market a myth? (The Art Newspaper)

More from Art Market Monitor

  • Low Expectations in ChelseaLow Expectations in Chelsea
  • Snuff Bottles Dangled on Chinese MarketSnuff Bottles Dangled on Chinese Market
  • Making Sense of the Munich Art HoardMaking Sense of the Munich Art Hoard
  • If You Want to Know the Real Story About an Artist, For God’s Sake, Don’t Ask the DealerIf You Want to Know the Real Story About an Artist, For God’s Sake, Don’t Ask the Dealer
  • Breaking FakesBreaking Fakes
  • The Estimates on David Rockefeller’s Art Go UpThe Estimates on David Rockefeller’s Art Go Up

Filed Under: General

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
 

Loading Comments...