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Globalization of the art market  

Olav Velthuis

[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....

Article

Market for Asian art  

William Ma

Southeast and East Asia has an extensive history of art collecting and dealing. Since the late 20th century, economic growth and the quest for political prestige in many Asian countries have fostered suitable environments for a rapid expansion of the arts and the rise of the international market for Asian art. This global market, focused especially on contemporary works (see Asian contemporary art and internationalism), was a byproduct of the neoliberal government policies enacted in the last decades of the 20th century and the beginning of the 21st, and is a tangible consequence of the integration of Southeast and East Asian powers into the larger global community.

Art markets in various Asian countries feature stark differences in structure and aesthetic preference. These dissimilarities are influenced by the particularities and characteristics of each state and each art market, including variations in government, cultural influences, audience behavior, relationships to traditional centers of the arts in the Euro-American West, and histories of colonialism, communism, nationalism, and militarism....

Article

Restitution  

Noémie Goldman and Kim Oosterlinck

Term for the return of lost or looted cultural objects to their country of origin, former owners, or their heirs. The loss of the object may happen in a variety of contexts (armed conflicts, war, colonialism, imperialism, or genocide), and the nature of the looted cultural objects may also vary, ranging from artworks, such as paintings and sculptures, to human remains, books, manuscripts, and religious artifacts. An essential part of the process of restitution is the seemingly unavoidable conflict around the transfer of the objects in question from the current to the former owners. Ownership disputes of this nature raise legal, ethical, and diplomatic issues. The heightened tensions in the process arise because the looting of cultural objects challenges, if not breaks down, relationships between peoples, territories, cultures, and heritages.

The history of plundering and art imperialism may be traced back to ancient times. Looting has been documented in many instances from the sack by the Romans of the Etruscan city of Veii in ...