Globalization and the Art Market

605 Words Sep 23rd, 2015 3 Pages
Yoyo 1
Yonia Yoyo

Professor Doyle
Art 333 

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
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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.

Works Cited
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
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