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Article

Christophe Spaenjers

Set of financial methods, instruments, and business models that are used in the Art market. Important developments since the 1960s include the spreading availability and use of art price information and price indexes (see Art index), the emergence of loans collateralized by artworks, repeated efforts to create art investment structures, and a strong growth in art market advisory services provided by wealth managers and new entrepreneurs (see also Investment).

The first major development has been the spread of art price information and art price indexes over the last half-century. After a few difficult decades, art price levels and public interest in the art market were going up again in the 1950s and 1960s. A number of books on the history of the art market and on art investment that were published around that time—Le Vie Etrange des Objets (1959) by Maurice Rheims, Art as an Investment...

Article

Matico Josephson

American multi-ethnic arts organization based in New York’s Chinatown. The Asian American Arts Centre (AAAC) and its predecessors, the Asian American Dance Theatre (1974–93) and the Asian Arts Institute (1981–8), emerged from the milieu of the Basement Workshop, the first working group of the Asian American Movement on the East Coast, whose mouthpiece was the journal Bridge (1970–81). After the closing of the Basement Workshop in 1987, the Dance Theatre and the Asian Arts Institute were consolidated as the AAAC.

Directed by Eleanor S. Yung, the Dance Theatre was at the core of the organization’s activities from the 1970s through the early 1990s, performing traditional dances from several Asian cultures alongside modern and postmodern forms. In the early 1980s, the Asian Arts Institute began to hold exhibitions and collect slides of artists’ work and documentation of their activities, working primarily with artists involved in the downtown art scene. Early programs included open studio events for artists working in Chinatown and exhibitions of the work of Arlan Huang (...

Article

[emerging art markets]

Since the 1980s art markets have developed rapidly outside of Europe and the USA. In the so-called BRIC countries (Brazil, Russia, India, and China) this development has been particularly dynamic. With aggregate sales estimated at €11.5 billion, China is the second largest market for art and antiques in the world after the USA (McAndrew 2014). Works of art made by modern and contemporary artists from all four countries regularly fetch more than $1 million at auction.

The rise of the BRICs has coincided with the global integration of what used to be local art markets: demand for and supply of particular artists or artistic movements may now be dispersed across the globe. The boom which global art markets have witnessed in the new millennium can be attributed partially to new buyers from countries like China and Russia developing an interest in art, both old and new. In describing the emergence of the BRICs, the focus in this article will be on modern and contemporary art, since that is where market development has been most significant, both qualitatively and quantitatively....