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Arts & Communication Review of 2023 symposium on the global art market

geopolitical participation of artists and galleries at Art and development, art has been shown to contribute to
Basel showed the dominance of galleries and artists from synergistic development between urban and rural areas
a few Western countries. In addition, her study examined through cultural and ecological landscape shaping, as
how traditional intermediaries are being challenged by well as industrial integration. From a global perspective,
new financing models, such as crowdfunding. Lazzaro scholars analyzed the construction and dynamic changes
has investigated the impact of crowdfunding on artists’ of art market centers by using specific cities as case studies.
creative processes, financial sustainability, and digital Peng Wei, a postdoctoral researcher at CAFA, examined
finance and marketing strategies, demonstrating how the intersection of art, industry, the art market, and social
crowdfunding can attract a broader range of investors, values by tracing the stages of rural art development in
dismantle traditional barriers, and influence art trends. China. In the context of rural art construction, a dualistic
Jeremie Molho, a senior research associate at Toronto structure beyond the urban-rural divide is established
Metropolitan University (Canada), focused on the role of through the interoperability of culture and resources, as
“hypermobile” art professionals in the rise of global art well as the pursuit of artistic equality. Rural construction
now emphasizes the importance of respecting villagers’
market centers. Molho identified three main aspects of subjectivity while addressing their self-identity and local
hypermobility: the movement of art professionals between pride. At the same time, rural art is focused on localized
cities for short-term projects, the creation of local art scenes expression, showcasing local landscapes and cultural
and cross-cultural communities, and the development of heritage. Through the development of the art-integrated
global hub cities. Through interviews with researchers and
art practitioners in Istanbul, Doha, Singapore, and Hong industry, the transformative power of art, a driving force
Kong, Molho demonstrated how these “hypermobile” for both urban and rural areas, is made visible. Ultimately,
this approach fosters the importation of rural values
art specialists contribute to the emergence of art center into the city, the importation of urban resources into the
cities. Observing mobility institutions and governance is countryside, and the construction of a more balanced
crucial for understanding the dynamics of the art market. urban-rural interaction, with art as a key mediator.
Constraints on mobility have favored short-term and elite
mobility, perpetuating global art market hierarchies. This Regarding urban concerns, Ma Xuedong, the Investment
research offers a new perspective on the variations and Director of Guardian Co. Ltd. and Research Director of
continued dominance of historical powers within the Guardian Art Center, discussed the historical flow of art
global art market. trading centers and proposed that for a city to become a
global art trading hub, it must possess certain advantages
3. Market shaping: Center replacement and and exhibit dynamism in areas such as transportation,
urban/rural construction urban culture, consumer spending power, resource
absorption, comprehensiveness, and openness. The
Globalization has significantly transformed the structure distinction between the “old center” and the “new center” is
of the art market. Artworks now move across borders not a simple dichotomy. With the “re-globalization” of the
more frequently and art trading are no longer confined global art market, art trading centers will not only exhibit
to traditional art centers. Emerging markets are playing a diversified and decentralized development but will
a more prominent role and are closely interacting with also contribute to the increased diversification of the art
established markets. The development of emerging market. In addition, there will be greater interdependence
markets has influenced traditional markets, while and complementarity between the “old centers” and the
traditional markets have also provided valuable models for “new centers.” Huang Jun, Associate Dean of the School
emerging markets to learn from. Scholars have discussed of Applied Economics at Renmin University of China
the interactions between markets in different regions and (Beijing, China), has focused her research on the Singapore
countries; the social, economic, and financial factors that art market, which has garnered global attention over the
contribute to the prosperity of the art market; and the past 3 years. Due to geopolitical shifts and the crowding-
background, motivation, and mechanism of art trading out effect from neighboring regions, significant financial
center formation. These discussions not only highlight the investment has flowed into the region, with many art
impact of globalization on the art market’s structure but activities and market transactions taking place. Singapore
also reveal the complex dynamics of cultural, economic, shares strong correlations with Hong Kong SAR, China,
and social change.
in terms of economic characteristics. Huang explored the
The construction and flow of urban and rural art systems similarities and differences between the two, involving
and participants have become key topics in current market population size, economic volume, historical development,
research. Focusing on China’s urban-rural integration and geographical location. She proposed that Singapore’s

Volume 3 Issue 2 (2025) 4 doi: 10.36922/ac.4713