Global Art Market

Art galleries are essential to the art world, however, is not the only source for audiences to view art. To begin with, art and artwork is defined as the application of human skill, creativity and imagination. Taking this into consideration, individuals need to examine the nature and purpose of art galleries as a facility to collaborate, organize and display a collection of artworks. As art however, is any expression of human creativity, its presence is not bound to art galleries and is evidently present in the world around us be it in photographs, the internet or even in graffiti.

Margaret Lazzari (Author),. "Exploring Art: A Global, Thematic Approach 5th Edition." Exploring Art: A Global, Thematic Approach: Margaret Lazzari, Dona Schlesier: 9781285858166: Amazon.com: Books. N.p., n.d. Web. 29 June

the world. " The Big Three" hold nearly 75% of the market and produce over 8

By the end of the decade, statistics revealed that there were as many as thirty thousand artists in Paris alone.

Art is able to evoke different feelings and emotions to each person that sets their eyes on it. The act of ‘looking’ is simple, but a lot comes from it. Where the eyes are first drawn to, the duration that the eyes are focused on a specific detail, and the thoughts that flood one’s brain when viewing art is all significant. These actions say more than the piece itself, it reveals emotions of both the artist and the audience. Art can be expressed through infinite forms, but the underlying importance is not with the art itself. It represents a place in time, displaying what was noteworthy to an individual in their own life. It serves as a lasting creation representative of human imagination with the ability to bring out a multitude of emotions from whoever views it. When art is created it represents the creativity of the human mind compacted into a physical object. Art has little usage aside from pure observation, yet it has prevailed throughout time, showing its importance to humanity. Art provides a lens into humanity, showcasing the human ability over time. When studied through history, art is a view into the development of humans and their interests. Through something as basic as commonly using symmetry to transitioning to asymmetry, the European’s perspective following the Renaissance is revealed. The making of art is solely up to one individual and their creativity. It is the pinnacle of

The DMA has a large variety of art varying from the 16th century to present day, and also varying from different regions around the world such as China and South America. Throughout the experience, it was visible that the people were especially drawn to the art of the ancient past times and of foreign lands. This resulted in the most interesting art in the DMA not being that of recent times but that of the distant past and of the unknown regions of the world.

Art education initially began in the United States around the nineteenth century to prepare future workers to be able to “design competitive industrial goods” (Chira, 1993). Susan Chira explains in her article “As Schools Trim Budgets, The Arts Lose Their Place.” that in 1989 a nationwide survey conducted by the University of Illinois at Champaign-Urbana reports that since 1962 the amount of time devoted to teaching art in school had declined as well as the amount of full time art teachers. Throughout the sixties until the early eighties the nation was dealing with a major economic crisis. Most notably was the Great Inflation of the 1970's along with New York's 1970 Fiscal Crisis which greatly affected the art scene in New York that was at the time the place to be if you were an artist.

After researching a variety of art museums all around the world, the one that stood out to me the most was the Whitney Museum of American Art. The Whitney Museum of American Art is located in New York City, New York. The Whitney Museum was founded in 1930, and it is mostly known for both, it’s permanent collection, and for the art show held every two years called the “Whitney Biennial,” in which contemporary art is displayed. According to the website, the “Whitney’s collection has over 23,000 works, created by more than 3,000 American artists during the twentieth century.”

The US paint market is divided into three segments: architectural coatings (43%), original equipment manufacturing (OEM) coatings (35%)and special purpose coatings (22%).

The Museum of Modern Art in New York City is the world’s leading modern art. Its exhibits have been a major influence in creating and stimulating popular awareness of modern art and its accompanying diversity of its styles and movements. The museum’s outstanding collections of modern painting, sculpture, drawings, and prints range from Impressionisms to current movements. Moreover, there are exhibits of modern architecture, industrial design, sculpture, photography, prints and electronic media. The museum presently has a modern art library of 300,000 books and impressive collections of films that are shown regularly. The Museum is said to be the complementary of the Metropolitan Museum

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).

both the U.S. and international markets. China represents one of the fastest growing countries for

DeviantART (also known as dA) is a website widely known as an online art market to artists today as a place to showcase or sell their artworks. The site made it possible for artists to upload their original artworks for the public to see and perhaps for other to purchase. The deviantART community has dramatically influenced many contemporary artists to now rely on the use of an online gallery to both display and sell their works as opposed to depending of a gallery in the offline world. deviantART has caused a shift in the way the economy revolves around the art market and art world. This is by its adoption into the art world, its uses and its effects on the art market. A major source that will be majority referenced on will be a interview

The relationship between art and commerce has always been subject of hot discussion. Many people look at creativity as a vehicle for economic interest, while others view it as pure dedication for personal creative needs. The world as we live in today sees the creative industry, including visual and performing arts, sound recording, book publishing, and movie making, a highly commercialized global enterprise. People constantly buy and sell art products in a highly active market. Although it is difficult to conclude whether art and commerce is perfectly compatible or mutually exclusive, one thing is true, that the relationship between the two has not stayed constant throughout the history of art. From the early Renaissance period to contemporary and modern time, we see art gets intertwined with business more and more. There are multiple well known historical examples demonstrate the dynamic evolution of creative expression, though new system also brought challenges.

Based on art market indices, attention has been drawn to investigate the risk-return rate of art investment and the correlation between the art market and other markets in the academic field. Some representative researches on return rate and risk of artwork investment were considered to be the starting point of growing interest in art investment among academics. Goetzmann (1993) estimates an average annual return rate of 3.2% during 1916-1986, which is higher than the stock return but still lower than bonds. He further claims that artwork investment can achieve a high return rate in the long term. Buelens and Ginsburgh (1993) divide the data that was constructed by Baumol (1986) into different schools time periods and examine the return rate respectively. Their results show that except the period of war and general insecurity, paintings achieve higher return rates than financial assets. Mei and Moses (2002) estimate an annual real return rate of 4.9% from 1900-1999, which is outperforming certain fixed-return securities while underperformed stocks. They point out that art returns are above inflation and tend to be greater than government bonds but less than equities.