Globalization of the art market [emerging art markets]

Since the 1980s art markets have developed rapidly outside of Europe and the USA. In the so-called BRIC countries (Brazil, Russia, India, and China) this development has been particularly dynamic. With aggregate sales estimated at €11.5 billion, China is the second largest market for art and antiques in the world after the USA (McAndrew 2014). Works of art made by modern and contemporary artists from all four countries regularly fetch more than $1 million at auction. The rise of the BRICs has coincided with the global integration of what used to be local art markets: demand for and supply of particular artists or artistic movements may now be dispersed across the globe. The boom which global art markets have witnessed in the new millennium can be attributed partially to new buyers from countries like China and Russia developing an interest in art, both old and new. In describing the emergence of the BRICs, the focus in this article will be on modern and contemporary art, since that is where market development has been most significant, both qualitatively and quantitatively