20 September 2015
Globalization and the Art Market
The expression "globalization" is universal and loose. In any case, it is important to
consider what it implies for the craftsmanship market and the most extensive circle of aesthetic creation. According to Manfred B. Steger’s book, Globalization: A Very Short Introduction, the term globalization refers to the “expansion and intensification of social relations
and consciousness across world-time and world-space” (Steger). In other words, globalization applies to an arrangement of social procedures that seems to change our present social
state of debilitating nationality into one of globalist. In the book of Globalization, Steger defines globalization as a “social process through the shifting of human interactions by reaching
the goal of globality.” He then explained that by adding the suffix ‘-ization,’ the term globalization means that the process of globality is ...view middle of the document...
Stated in “Hans Belting in Conversation with Clare McAndrew,” the key developments in the art economy is the “popularity of modern art.” McAndrew reported that China
did not fully adjust to the art market until the year of 2011, when its popularity of modern art
globalized and became the biggest market in the art industry. China outranked United States
as the biggest market globally and became the center of the art market with a share of fortyfive percent in market sales in value (McAndrew).
According to Malcolm Bull, the two economies of the art world are: the economy of
attention—social media, which provides ranked artists in terms of sales— and the art market
—frequency and location of exhibitions and the numbers who attend them; Popularity vs. income. In order to survive in our media based society, new elites today are those who reap the
benefits by investing their attention capital to increase their accumulated attention stocks.
Once the reputation of the invested capitals like artists and exhibitions is established, the
gallery owner or the museum curator that lend their capital—in the form of the exhibition
space and its associated cultural prestige—to these invested capitals are able to receive a return in the form of enhanced attention for the museum or gallery (Bull). Ultimately, well invested cultural capital will increase in value through increased attention. Although there is no
direct correlation between the two economies, they cannot stand alone without one another in
the art market.
Globalization data compiled from “The International Art Market in 2011,” by Clare McAndrew in The Global Contemporary and the Rise of New Art Worlds (Belting, Buddensieg, and
Wiebel, eds., 2013)
Malcolm Bull, “The Two Economies of the Art World,” in Globalization and Contemporary
Art (Jonathan Harris, ed., 2011)
Manfred B. Steger, “Globalization: A contested concept” in Globalization: A Very Short
Introduction (Manfred B. Steger, 2009)
“The Art Market: Hans Belting in Conversation with Clare McAndrew,” 2011 in The Global
Contemporary and the Rise of New Art Worlds (Belting, Buddensieg, and Wiebel, eds., 2013)