Abstract
For the last two decades, the international auction houses Sotheby’s and Christie’s have been at the forefront of global art market expansion. Their world-wide footprints have enabled auction house specialists to engage with emerging artists and aspiring collectors, most notably in the developing economies of the Global South. By establishing their sales infrastructure in new locales ahead of the traditional mechanisms of primary market commercial galleries, the international auction houses have played a foundational role in the notional construction of new genres of art. However, branding alone is not sufficient to establish these new markets; the auction houses require a network of willing supporters to facilitate and drive marketplace supply and demand, be that trans-locational art market intermediaries, local governments, and/or regional auction businesses. This paper examines emerging art auction markets in three Global South case studies. It elucidates the strategic mechanisms and networks of international and regional art auction houses in the development of specific genres of contemporary art: Hong Kong and ‘Chinese contemporary art’, Singapore and ‘Southeast Asian art’, and Australia and ‘Aboriginal art’. Through examination and comparison of these three markets, this paper draws on research conducted over the past decade to reveal an integral role played by art auctions in the expansion of broader contemporary art world infrastructure in the Global South.
Highlights
For the last two decades, the international auction houses Sotheby’s and Christie’s have been at the forefront of global art market expansion
Through examination and comparison of these three markets, this paper draws on research conducted over the past decade to reveal an integral role played by art auctions in the expansion of broader contemporary art world infrastructure in the Global South
In the established art markets of the Global North economies, Europe and America, a market system has evolved since the mid-20th century whereby contemporary artists are supported through the primary market by commercial galleries, and a secondary market is led by auction houses dominating resales
Summary
“The art market often mirrors the economic developments and trends we see in wealth creation,”. By examining the notion of Global South through both a geo-social and economic lens, this paper reveals the importance of proximity and interconnections between Global South artworlds and Global North art world hubs It thereby concurs with Smith’s view that “the histories specific to each place should be acknowledged, valued and carefully tracked alongside recognition of their interaction with other local and regional tendencies, and with the waxing and waning of more powerful regional and international art-producing centres.” Through provision of three studies, this paper reveals both commonalities and striking differences in the evolution of emerging art markets relating to specific genres of art It clearly demonstrates the impacts of the multinational auction houses on emerging art markets through strategic activities taking advantage of both their global footprint and their local knowledge
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