Market for applied arts and modern design.
- Grace McQuilten
The turn of the 21st century saw an unprecedented rise in the value of utilitarian objects (interiors, furniture, but also including ceramics, glass, etc.) and a rapid growth in the market for applied arts, now branded as “modern design.” While the economic value of art objects in the early and mid-20th century had largely conformed to a hierarchical division between fine art and design―with painting considered to be the most valuable asset class and decorative objects and furniture the least―these divisions started to blur in the new millennium. This development was evident in the increasing prominence of design both in the art market and in the broader field of art production and distribution....