Christine steiner explores the Changes in the art world and the implications for dealers, Collextors and galleries.
Art is an increasingly global industry. As of 2015, acknowledged market reports estimated the art market was a $63.8 billion dollar global business. New and veteran collectors are setting record prices for contemporary art at auctions and establishing themselves as market players with connections to high-profile galleries, museums and foundations. The increasing globalisation of art mirrors the global expansion of private wealth. Newly wealthy individuals from Asia, Russia, Latin America and the Middle East are interested in collecting top contemporary art and exerting influence in the art world, as demonstrated by the recent growth in private museums. Collectors from nations with established wealth continue to purchase internationally and actively participate in the art world. Globalisation of private wealth means that planning from a multi-jurisdictional perspective is essential for the globally-inclined private collector, artist, art gallery or museum.
THE THREE A’S
This story is from the Art issue - Issue 2 edition of Yacht Investor.
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This story is from the Art issue - Issue 2 edition of Yacht Investor.
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