In short, it shows that contemporary art has grown smoothly since the year 2000, partly because of the globalization of the art market. This report examines the two last decades of the contemporary art market.
The report traced the market’s development from the early 2000s boom of CAMs to the crippling economic downturn in the United States in 2008, highlighting artists who became mainstays of contemporary art auctions, the emergence of the China art market, and the market’s growing diversification in recent years, separating male and female artists.
Globalisation of Fine Art
In 2014, the global art market experienced unprecedented activity, with a record 100,000 contemporary works auctioned globally and 64,000 records sold in this segment, with global sales increasing by more than $1 billion to $2.4 billion in just two years.
At the turn of the millennium, CAM saw a 2,100 percent increase in auction sales, with six times the number of contemporary art lots and six times the number of contemporary artists. Contemporary artists now account for three-quarters of global auction sales in the contemporary art sector, with a market share of 0.3 percent.
For instance, the 2005 book Understanding the International Art Market: Management reported that in the United Kingdom, only a few dealers represent artists whose work is exhibited in leading and well-funded contemporary art museums.
The majority of contemporary artists do not draw a hard line between high art and popular culture. For instance, a number of contemporary artists have adapted traditional fiber arts techniques to create unconventional forms that address contemporary social and political issues. According to one critic, art viewed from the outside does not regard artists as self-taught and assumes that all works of art must be contextualized.
At some point in time, a particular location or group of artists had a significant influence on subsequent contemporary art. Artists who have been prolific in ongoing art movements over the course of their careers present a special challenge for gallery critics who are hesitant to categorize their work as contemporary or non-contemporary.
Comtemporary Art in Modern times
Contemporary art’s definition shifts away from the present, beginning with the date of the shift, such that works of contemporary art purchased by the society in 1910 can no longer be considered contemporary.
Contemporary art, as defined by Art21, is the work of artists active in the twenty-first century. Our philosophy is founded on the principle of allowing artists to present their work in their own words and encouraging viewers to look at, respond to, and respond to visual art.
The first framework for examining these principles is the constructivist theory of learning from a more personal perspective, which postulates that construction is contingent upon the viewer’s prior knowledge, values, and beliefs, who establishes connections and points of reference with the work of art in all facets of his life.
The concept of approaching contemporary visual art through the lens of the viewer’s multiple interpretations is a departure from the traditional approach to understanding works of art, which places an emphasis on the transmission of meaning from the teacher to the student.
Works of art created during this time period are regarded as the pinnacles of an artist’s career and appreciate in value. The creators’ worth is determined by the era in which the work was created (e.g., Salvador Dali) and the artist’s career. Only after an artist’s death does art reach the incredible price it does today.
Art value increased by auction
Jean-Michel Basquiat’s work, which set a new world auction record of $100 million in 2000, exemplifies the magnitude of the change in market value. One of the artist’s abstract works sold for $60 million in 2008, and demand for art will only continue to grow. Beyond the hype surrounding art in the short term, there is a broader shift in taste affecting the current global art market.
Whatever the value of an artwork, it is critical to understand the art market and its long-term implications. This means that an artist’s short-term market value has little bearing on his or her long-term value, which is based on historical art value, which can be reviewed and changed without consensus over time. Indeed, historical value accounts for the majority of long-term market value and is contingent upon critical curatorial and art-historical institutions agreeing on an artist’s artistic and historical significance.
The term “value” refers to the monetary value assigned to a work of art. To a lesser extent, value is subjective, as only a select few collectors are willing to pay the price required to own a particular work of art.
The contemporary art market has undergone profound structural changes: an increasing number of artists are valued at $5,400 ($32,000 today), an increasing number of works of art are offered for $123,000, and the market has grown exponentially from 39 to 64 countries with active auctions. The monetary value of successful artists’ work has become irrelevant.
The objective of fiscal value is set by eminent art historians who live, breathe, and sleep the market value of art.
The Tate Modern’s summer institute aims to instil teachers with confidence in modern and contemporary art through teaching and learning tools.
Students in the early stages of developing their identity as artists will be able to incorporate elements and forms from contemporary visual art into their own work of art. People value Diego Velazquez’s artworks in both monetary and artistic terms in art classes.