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Selling The Visual Chapter 4 Not Final Po

This chapter discusses how the art market has become globalized and financialized under neoliberal capitalism. It notes that art has increasingly become an investment asset for the world's wealthiest people. The rise of international art markets, freeports that allow tax-free storage of art, influential wealthy benefactors of public museums, and the decline of small galleries are discussed. The globalization of the art sector has seen Asian markets like China become major players as wealth has concentrated there in recent decades. Art has fully emerged as a commodity under the forces of economic globalization.

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Japhet burdeos
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113 views6 pages

Selling The Visual Chapter 4 Not Final Po

This chapter discusses how the art market has become globalized and financialized under neoliberal capitalism. It notes that art has increasingly become an investment asset for the world's wealthiest people. The rise of international art markets, freeports that allow tax-free storage of art, influential wealthy benefactors of public museums, and the decline of small galleries are discussed. The globalization of the art sector has seen Asian markets like China become major players as wealth has concentrated there in recent decades. Art has fully emerged as a commodity under the forces of economic globalization.

Uploaded by

Japhet burdeos
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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SELLING THE

VISUAL
CHAPTER 4
(naa sa overview)

Neoliberal capitalism is characterized by high inequality, increased economic elite power, financial
volatility, recurrent macroeconomic crises, commoditization and financialization of a greater variety
of activities, and a retreat in the states’ role in production, redistribution, and regulation.

The rise of international globalization in the art market, the establishment of freeports to hold
artwork free of tax burdens, the growing importance of wealthy benefactors in public museums, and
the loss of middle and small art galleries are all discussed in this chapter.
LESSON 1: GLOBAL CAPITALISM
AND ART
 Global capitalism in the neoliberal period  it has also become a critical investment asset
is characterized by high inequality, financial during the neoliberal period
instability, recurrent macroeconomic crises,
economic elites’ growing power and  it is now manifesting itself in more
influence, and the commoditization of the significant numbers and sophistication
cultural and social sectors.
 A small elite of very affluent individuals and
 Despite being one of the most unregulated families have increasingly owned the most
and opaque industries, the art market has valuable art times as a profitable asset.
become a preferred investment destination
for the world’s wealthiest people.
GLOBALIZATION OF THE ART
SECTOR
 ECONOMIC GLOBALIZATION, wealth concentration at  In 2017, 42% been counted for the worldwide share
the top, and the advent of new economic powers like value of artworks moved, 25% are the art collectors
China – Asian markets have become significant players in with the highest proportion of top-selling live
the art market – due to the accumulation of enormous artists
wealth in China, Japan, and other economies in the region
in recent decades.  China’s proportion of global art sales was second in
2017 (21%) but dipped to 19% in 2018. When the
 1970s-1980s, Japan dominated the Asian regional art UK eclipsed it by two percentage points.
market, thanks to solid economic growth rates, collected
assets from the rest of the globe  In 2018 the combined art markets of the US, UK,
and China accounted for 84% of total art scales, this
 1990s, the Japanese market crashed. The economy followed by France, Germany, and Switzerland
entered a protracted period of stagnation – resulting in
falling sales by Japanese art galleries and auction houses
– China has experienced rapid growth for the past three
decades, back in 1980s.
ART AS A COMMODITY

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