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THE INTERNATIONAL

ART
MARKETS
The essential guide for collectors
and investors

Consultant Editor

JAMES GOODWIN

KOGAN
PAGE

London and Philadelphia

Contents
Contributors
Foreword
Preface
Sponsor statement
Introduction
James Goodwin
The trading of art 4; Art research 5; The workings of the art market 6;
Art indexes 8; Corporate collections 10; Museums 10; Supply and demand 11;
Value 12; The collector 17; The investor 18; Art and the law 20; A new age and a
shift of economic power 21; Tax and the global art market 27; The internet art
market and art funds 28; Bibliography 30

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Sub-Saharan Africa
Katrin Schmitter
Introduction 33; The art market: an abyss between antique and
contemporary 34; The antique sector 34; The contemporary sector 37;
Museums 39; Galleries 40; Exhibitions and art fairs 41; Prices, artists and
trends 42; Conclusion 42; Bibliography and sources 45

33

Argentina
Adrian Gualdoni Basualdo
Introduction 48; The current Argentine art market 49; Sales volume of
Argentine art at auctions 50; The 10 most expensive works of Argentine art on
the market 51; Conclusion 52

48

Australia
Georgina Pemberton and Josh Pullan
I come from the land down under 53; A segmented market: Australian and
Aboriginal art 54; Financial indicators and performance 57; The players 59;
The regulatory environment 63; Buyer characteristics 64; Conclusion 66;
Bibliography 66

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CONTENTS

Austria
Andrea Jungmann and Claude Piening
Short history 67; Auction houses in Austria 68; The Austrian art market 69;
Export law and restitution 69; Collecting fields 71; 20th-century Austrian art 72;
Contemporary art 73; Sources of further information 74; Reference 74

67

Belgium
Henry Bounameaux and Victor Ginsburgh
Introduction 75; The Belgian art market 76; Collectors and collections 77;
Belgian artists on international markets 78; Legal issues and taxation 78;
Bibliography 79

75

Brazil
Katia Mindlin Leite Barbosa
The current art market in Rio de Janeiro and Sao Paulo 80; Artists who influence
the market 81; Trends 84; Contacts and institutions 85; Legal and regulatory
aspects of the local art market 87; Conclusion 89; Bibliography 89

80

Canada
Calin Valsan, Derrick Chong and Elisabeth Bogdan
Introduction 90; Sources of data 91; Market data 93; Conclusion 96;
Bibliography 97

90

Chile
Cecilia Miquel
Introduction 98; The point of view of the artist 99; The importance of
management 99; Consumption statistics 100; Summary 101

98

China
Ruben Lien
Introduction 103; The art market by sector 105; The contemporary art
market 108; Conclusion 110

103

10

Czech Republic
Nicole Stava andlvana Kodlova
Profile of the Czech art market 111; The market for contemporary art in the
Czech Republic 112; The current auction market in the Czech Republic 113;
Important addresses 116

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Denmark and Iceland


Kira Sjoberg
The art market 118; Historical patronage 120; Auctions and galleries 121;
Galleries in Denmark 122; Galleries in Iceland 122; Art awards 123;
Taxation 123; Conclusion 124; Bibliography and contact information 124

118;

. CONTENTS VII

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Finland
Pauliina Laitinen-Laiho
Finnish art markets today 127; The prices of artworks 128; Investing in art
through Finnish auctions 128; Some Finnish artists and art categories 131;
Art sale institutions in Finland 132; Important summer exhibitions 133

127

13

France
Roxana Azimi
History 134; The main players in the market 135; The buyers 137;
French specialities 138; Exports 139

134

14

Germany
Roman Krdussl
Collecting and dealing 141; Investing in German art 144; Bibliography 148

141

15

Greece
Iliana Fokianaki
Galleries 150; Fairs/biennials 152; Auctioneers 152; Collectors and
collections 153; Public collections and museums 154; Legal issues andtaxation 155; Acknowledgements 156; Bibliography 156

149

16

India
Sonal Singh
The growth of the art market in India 157; The art market today 158;
Galleries 158; Art fairs, biennales and triennials 159; Auctions 160;
Market performance 160; Select bibliography 162

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Indonesia
Vidhyasuri Utami
Indo-European art 166; Indonesian modern art 166; The Balinese school 166;
Indonesian contemporary art 167; Reference 167

163

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Ireland
Clare McAndrew
The Irish art trade 168; The Irish taxation system 172; References 176

168

19

Israel
Roni Gilat-Baharaff
History and background 177; The market characteristics 179; How to buy and
sell in Israel - historical facts 179; Buyers 180; Tax and regulations 181;
The art trade structure 181; Recent and important art market results 182;
Market trends 183

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Italy
Sara Mortarotti
The Italian art market 184; The market in Italy 185; Structure of the market 186;
Art and cultural demand 189; Art market legislation 190; Reference 192

184

VIM CONTENTS .

21

Japan
Roddy Ropner and Kumiko Hirakawa
Introduction 193; The art market 193; Collecting postwar and contemporary
art 197; Museums 198; Media and references 199; Acknowledgements 199

193

22

Malaysia
Johnni Wong
The artists 200; The government's role 201; Auction houses 203;
Art dealers 203; The collectors 204; Conclusion 205; Selected bibliography 206

200

23

Mexico
Patricia Bueno Delgado andErcilia Gomez Maqueo YRojas
The importance of 20th-century Mexican art 207; The current art market 209;
Trends 212

207

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The Middle East and North Africa


William Lawrie
Categories of art 215; Galleries 215; Local auctions 218; International
auctions 218; Museums 218; Biennials 219; Fairs 219; Collectors andcollections 219; Local media coverage 220; Legal issues and taxation 220;
Prognosis 220

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The Netherlands
Bert Bakker and Rachel Campbell
Dutch art internationally: prominence thanks to fertile soil 221; Dutch
contemporary artists in the international market 224; Dutch design 224;
The Dutch markets for global art today 225; Local Dutch art and art
markets 225; The role of the government in the art scene: public and private
spending on the arts 228; Reference 228

221

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New Zealand
Tim Hazledine and Mary Vavasour with Lisa Gotlieb
The structure of the art market in New Zealand 229; Auctions 229;
Dealers 231; Art consultants 232; Art buyers 232; Recent prices and trends in
the NZ art market 233

229

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Norway
Clemens Bomsdorf and Birgitte Lie
Exhibitions and education 236; The market and market conditions 237;
Art publications 237; Auction houses, dealers and galleries 238; Collectors 240;
Visual arts 241; Decorative arts 241; Acknowledgements 242; Bibliography 242

236

The Philippines
Ruoh Ling Keong
The art market 243; References 246

243

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CONTENTS IX

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Poland
Yvonna Januszewska and Wojciech Kowalski
Introduction 247; Auctioneers, dealers and modern art galleries 247;
Collections and collectors 248; Polish artists on the international market 251;
Bibliography 252

247

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Portugal
Joao Magalhaes
Taste and trends 253; Market structure 259; Collectors 261; Final notes 262;
Acknowledgements 263; Reference 263

253

31

Russia
Sergei Reviakin
The art market today 264; Auction houses 266; Art fairs 267; Art and
taxation 267; Education and expertise 268; Contemporary art 268;
Conclusion 269

264

32

Singapore
Lindy Poh
Introduction 270; Auction houses 271; Art fairs and infrastructure 272; Tax and
other incentives 273; Art specialist skills and services 273; References 274

270

33

South Africa
Harriet Hedley
Introduction 275; Key artists 276; Conclusion 279

275

34

South Korea
Sunhee Choi and Byungsik Choi
Art presently sold 282; Players 283; Art fairs in Korea 285; Auctions 285;
Korean art in the international auction market 286

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Spain
Aina Truyols and Fernando Romero
The art market and legislation 288; Investing in the Spanish art market 289;
The Spanish art market: booming since thel990s291; Challenges faced by the
Spanish art market 294; Museums, foundations, collectors, publishers and the
art market 295; Bibliography 297

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Sweden
Kira Sjoberg
Introduction 298; Patronage and collections, private and public 298;
The international marketplace for Swedish art 299; Taxation 303;
Conclusion 303; Bibliography 304

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CONTENTS

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Switzerland
Dirk Boll
Introduction 306; The Swiss gallery scene 307; The leading fair for modern and
contemporary art 307; The secondary market in Switzerland 308; Jewels and
wristwatches 309; Swiss impact on international art markets 309; Legal
framework 310

306

38

Taiwan
Iain Robertson
Taiwan's recent history and current art market performances 313; The antique
and Old Master markets 318; Conclusion 318

313

39

Thailand
Brian Curtin
Introduction 319; Galleries: an introduction 320; The art market 320;
Collectors 321; Media 322; Bibliography 322

319

40

Turkey
Zeynep Kayhan
The Turkish art market 324; Collectors 325; Public collections and
museums 326; Taxation 326; Bibliography 327

323

41

The United Kingdom


Godfrey Barker
The auction market 329; The market for British art 329; Leading British
artists 333

328

42

The United States


Brook S Mason
New York 337; Art shows and fairs 341; The New York gallery scene 342

337

43

Venezuela
Diana Boccardo
The colonial era 344; Travellers to the New World 344; The 19th century 345;
The 20th century 346; 2000 to the present 349

344

Index

351