DYNAMICS ANALYSIS OF GLOBAL TRENDS IN THE ART INDUSTRY MARKET
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Abstract
The article is devoted to the study of the dynamics of global trends in the art industry market. The art market should be considered as an alternative investment market with a rapidly developing, well-developed infrastructure characterized by high profitability, low liquidity and long-term profitability (it is possible to expect certain dividends in the range of 8-10 years).
The evolution of the global art market during the last 20 years has been analyzed. The attractiveness of Art and its market is analyzed. The results of the study highlighted the drivers of the growth of the art market, systematized the tendencies of the global art industry market, analyzed the geography of the global art market, studied the dynamics of the market for public auction, analyzed the distribution of sold lots in Western countries at the price range by the end of 2017, Top-10 record-breaking sales at auctions of all time, Top-200's most influential collectors across continents. The proliferation of museums around the world, the growing number of collectors, the globalization of demand and the dematerialization of auctions are the main drivers of art market growth.
We conclude that, the global Art Market has continued to transform, but more in terms of quality than quantity: it has gained maturity, speed and fluidity, thanks to better information sharing between Asia and the West.
According to the results of the study, it was found that in the period from 1998 to 2017 there was an active development of the global art-market network:
- geography expanded,
- the number of works in circulation increased,
- the number of artists, collectors.
Distribution of museums around the world, globalization of demand and dematerialization of auctions, which significantly influenced the attractiveness of art, expanded the client base of the art market, and transformed it into an efficient, highly-matched and non-HFT, market. In view of the Art Market’s performances over the past 10 years, the 2017 result is perfectly in line with its medium-term cyclical evolution, which, incidentally, is what makes the Art Market a particularly exciting market. However, for the first time in history, this latest growth recovery is supported by a combination of the US market, the Chinese market, but also the other major European marketplaces, and even by a whole series of “local” markets that are developing around the world.
Keywords: art industry market, world market of public auction tenders, drivers of growth of the global art market, tendencies of the global art industry market, alternative art investment.
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