Function Magazine

Art, Fashion and Entertainment

Where is the art market heading?

Posted by elegant On August - 16 - 2013

The art world is smaller than many think it is to be. Within last 20 years, creation of wealth all around the world has given a tremendous push for art sales. Now China entering the art market in big way. The result is art market transitioning from few billionaires to a mass market. Art moved from being limited to museums and few galleries to homes of many wealthy all around the world. This helped the art market to get bigger and shifts its scale.

The largest corporation that deals with art is Sotheby’s. Beyond that there are no other big corporations dealing with art. Mostly big families those who are interested in collecting art dominates the market.

The Internet is rapidly changing the way we deal with art. Pictures, videos and movies of art, sculptures and others are beamed over the Internet for the whole world to see. This is radically changing the concept of dealing with art. The Internet broadcasted the recent purchase of Picasso’s The Dream by collector Steven Cohen. It is one of the most expensive paintings to go on the auction block recently. But the Internet and other avenues available today could also lead to inflated prices.

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