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

economic conditions have laid a solid foundation for innovative business development. Moreover, the objects
the formation of its art trading center. The Singaporean and participants of art asset management are undergoing
government places significant emphasis on cultural and structural transformations, with the emergence of a new
artistic development. However, the proportion of art generation of collectors shaping the market. The global
collectors remains small, there is a lack of internationally art market is increasingly characterized by diversification
prominent art museums, local galleries struggle to survive, and multipolarity, with China driving the development
and the influence of tariffs hinders market momentum. of the Asian region. China’s art market has entered a new
Although Singapore is an affluent, developed country phase of full competition, leading to shifts in art market
with favorable urban conditions, the establishment of its values, including a greater focus on customer needs and an
art trading center still depends on the long-term interplay emphasis on new technologies. China’s art market system
of political, economic, historical, technological, and other is undergoing a positive transformation in terms of form,
factors. structure, capital, value, and function. Based on changes
in both the international and Chinese art markets, Liu
4. Focusing on emerging sectors: Diversity offered insights into how governance can adapt to these
in regions and governance shifts. First, he advocates for a transformation from the

At the intersection of economics and culture, the traditional regulatory model to a social company model.
“re-globalization” of the art market must prioritize Second, he suggests expanding the scope of governance
interculturality, cultural diversity, cultural equality, and beyond the market to include creation, cultural security,
dialog across civilizations. The participation of “emerging etc. Finally, he emphasizes the need to establish industry
countries” is essential to this process. In line with the trend credit, foster self-awareness within the industry on top of
toward localization in the art world, significant positive the regulatory mechanism, and promote a collaborative
changes have been observed in the art markets of Asia, governance model involving various social stakeholders.
the Middle East, and Southern regions in recent years. The current global art market exhibits greater
These regions, which were previously overlooked, are now diversification, from geographical reach to cultural
making meaningful contributions to the development narratives. Research has increasingly focused on emerging
and research of their local art markets. Their firsthand markets beyond the traditional ones, with scholars
experiences are helping to enrich the current framework exploring the renewal and expansion of perspectives on
of globalization. the global art market. Svetlana Kharchenkova, an Assistant
The development of the art markets in emerging Professor at Leiden University (Netherlands), conducted
regions is driven by both economic and cultural forces. Art a study on the globalization phenomenon of Chinese
has become a new area of economic growth, and there is contemporary private art museums. She gathered data
a growing interest in “local art” in these regions. The art on exhibitions and artists’ birthplaces from 19 private
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market also plays a pivotal role in shaping cultural identity art museums in China. Her findings reveal a significant
and image. Consequently, late-developing countries are trend of regional art mobility within China, with works
increasingly focusing on their cultural industries and by foreign artists entering both the Chinese public sphere
economies. Researchers in the field are studying the rise and academic research through private galleries. The study
of emerging regions and the innovations occurring within concludes that private galleries play not only a role in
their markets, creating a complex and thriving global art the pricing of artworks but also an influential part in the
network based on public data and academic findings. process of cultural globalization.
As the global art market landscape evolves, research on Adelaide Duarte, a researcher at the Institute of Art
market operations and related mechanisms is crucial for History of the Universidade Nova de Lisboa (Portugal),
sustainable development. These research topics demonstrate presented a paper titled “Researching Art Markets in
the scholars’ keen awareness of ongoing market changes. In the Global South,” which addresses regions historically
terms of institutional development, Liu Shuangzhou, Dean marginalized in dominant narratives. Using the Portuguese
of the School of Culture and Media at the Central University art market as a case study, Duarte examined the ongoing
of Finance and Economics (Beijing, China), presented transformation driven by the internationalization of the
his research on three main aspects: multidirectional national galleries’ exhibition practices. This shift can be
transformation trends in the international art market, the observed in the growing artistic dialog between established
performance of the Chinese market, and the governance of art centers and marginal markets. In the post-pandemic
the art market. His research reveals emerging consumption period, cities have also developed rich private cultural
scenarios and hotspots in the art market, leading to infrastructures and activities. The Portuguese market serves

Volume 3 Issue 2 (2025) 5 doi: 10.36922/ac.4713