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THE INTERNATIONAL

ART

MARKETS

The essential guide for  collectors

and investors

Consultant Editor

J MES GOODWIN

KOG N

P GE

London  nd Philadelphia

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 ontents

Contributors xi

Foreword xx

Preface xxii

Sponsor statement xxv

Introduction 1

James Goodwin

The trading of art

 4 ;

 Art research 5; The w orkings of the art market 6;

Art indexes 8; Corporate collections 10; M useum s 10; Supply and dem and 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 2 7; The internet art

market and art funds 2 8; Bibliography 30

1 Sub Saharan Africa 33

Katrin Schmitter

Introduction 33; The art market: an abyss between antique and

contemporary 34; The antique sector 34; The contem porary sector 37;

Museums 39; Galleries 40; Exhibitions and art fairs

  41;

 Prices, artists and

trends 42; Conclusion

 42;

 Bibliography and sources 45

2 Argentina 48

Adrian Gualdoni Basualdo

Introduction  48;  The current Argen tine art market

 49;

 Sales volume of

Argentine art at auctions 50 ; The 10 most exp ensive wo rks of Argentine art on

the market

  51;

  Conclusion 52

3 Australia 53

Georgina

 Pem berton an d Josh Pullan

I come from the land down un der

  53;

 A segmen ted 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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v i CONTENTS

4 Austria 67

Andrea Jungmann and Claude Piening

Short history

  67;

 Auction houses   n Austria 6 8; T he 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

5 Belgium 75

Henry Bounameaux and

 Victor

 Ginsburgh

Introduction

  75;

 The Belgian art market 76; Collectors and collections 77;

Belgian artists on international m arkets 78; Legal issues and taxation 78;

Bibliography 79

6 Brazil 80

Katia Mindlin Leite B arbosa

The current art market in Rio de Janeiro and Sao Paulo

 80;

 Artists who influence

the market

  81;

 Trends 84; Contacts and institutions 8 5; Legal and regu latory

aspects of the local art market

  87 ;

 Conclusion 89; Bibliography 89

7 Canada   -   90

Calin Valsan Derrick C hong and Elisabeth Bogdan

Introduction 9 0; Sources of data

 91;

 Market data  93;  Conclusion 96;

Bibliography 97

8 Chile 98

Cecilia Miquel

Introduction 98 ; The point of view of the artist 99; The im portance of

management 99; Consumption statistics 100; Summary 101

9 China 103

Ruben Lien

Introduction   103;  The art market by sector 105; The contemporary art

market 108; Conclusion 110

10 Czech Republic 111

Nicole Stava andlvana Kodlova

Profile of the Czech art market   111;  The market for con temporary art in the

Czech Republic   112;  The current auction market in the Czech Republic 113;

Important addresses 116

11 Denm ark and Iceland 118;

Kira Sjoberg

The art ma rket 118; Historical patronage

  120;

 Auctions and galleries 1 21 ;

Galleries in Den mark 122; Galleries in Iceland   122;  Art awards 123;

Taxation 123; Conclusion 124; Bibliograph y and contact information 124

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  CO NT ENT S V I I

12 Finland 127

Pauliina L aitinen-Laiho

Finnish art ma rkets 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 sum mer exhibitions 133

13 France 134

Roxana Azimi

History 134; The main players in the market 135; The buyers 137;

French specialities 138; Exports 139

14 Germany 141

Roman Krdussl

Collecting and dealing

  141;

 Investing in German art 144; Bibliography 148

15 Greece 149

Iliana Fokianaki

Galleries 150; Fairs/biennials   152;  Au ctioneers 152; Co llectors and

collections 153; Public collections and museums 154; Legal issues and-

taxation

  155;

 Acknow ledgements 156; Bibliography 156

16 India 157

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

17 Indonesia 163

Vidhyasuri

 Utami

Indo-European art 166; Indonesian modern art 166; The Balinese school 166;

Indonesian contemporary art 167; Reference 167

18 Ireland 168

  lare McAndrew

The Irish art trade 168; The Irish taxation system 172; References 176

19 Israel 177

Roni G ilat-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

20 Italy 184

Sara Mo rtarotti

The Italian art market 184; The m arket in Italy 185; Structure of the market 186;

Art and cultural demand

  189;

 Art market legislation 190; Reference 192

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VIM   CONTENTS

21 Japan 193

Roddy Ropner and Kumiko Hirakawa

Introduction   193;  The art market 193; Collecting postwar and contemporary

art 197; Museum s 198; Media and references   199;   Acknowledgements 199

22 M alaysia 200

Johnni Wong

The artists 200; The go vernm ent s role 201;  Auction houses 20 3;

Art dealers  203;  The collectors 204; Conclusion 205; Selected bibliography 206

23 M exico 207

Patricia Bueno Delgado andErcilia Gom ez Maqu eo YRojas

The importance of 20th-century Mexican art  207;  The current art market 209;

Trends 212

24 The M iddle East and North Africa 214

William Lawrie

Categories of art 215; Galleries 215; Local auctions 218; International

auctions 218; Museums 21 8; Biennials 21 9; Fairs 219 ; Collectors and-

collections 219; Local media coverage 220; Legal issues and taxation 220;

Prognosis 22 0

25 The Netherlands 221

Bert Bakker and Rachel Cam pbell

Dutch art internationally: prom inence 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 22 5; The role of the governmen t in the art scene: public and private

spending on the arts 22 8; Reference 228

26 New Zealand 229

Tim

 Hazledine and Mary

 Vavasour

 with Lisa Gotlieb

The structure of the art market in New Zealand  229;  Auctions 22 9;

Dealers

 231;

 Art consultants

 232;

 Art buyers 2 32 ; Recent price s and trends in

the NZ art ma rket 233

27 Norway 236

  lemens Bomsdorf and Birgitte Lie

Exhibitions and education 23 6; The m arket and market conditions 2 37;

Art publications

 237;

 Auction houses, dealers and galleries 2 38; Collectors 2 40;

  \

Visual arts

 241 ;

 Decorative arts

 241;

 Acknowledgements 242; Bibliography 242

28 The Philippines 243

Ruoh Ling Keong

The art market 243;   References 246

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CONTENTS IX •

29 Poland 247

Yvonna Januszewska and Wojciech Kow alski

Introduction  247;  Auctioneers, dealers and modern art galleries 247;

Collections and co llectors 248 ; Polish artists on the international m arket

  251 ;

Bibliography 252

30 Portugal 253

Joao M agalhaes

Taste and trends

 253;

 Market structure 259; Collectors

 261 ;

 Final notes 262 ;

Acknowledgements   263;  Reference 263

31 Russia 264

Sergei

 Reviakin

The art market today  264;  Auction houses 26 6; Art fairs  267;  Art and

taxation 2 67; Education and expertise 26 8; Contemporary art 268 ;

Conclusion 269

32 Singapore 270

Lindy Poh

Introduction

 270;

 Auction houses

 271;

 Art fairs and infrastructure 27 2; Tax and

other incentives  273;  Art specialist skills and services  273;   References 274

33 South Africa 275

Harriet Hedley

Introduction 275; Key artists 276; Conclusion 279

34 South Korea 281

Sunhee Choi and Byungsik Choi

Art presently sold  282;  Players  283;  Art fairs in Korea  285;  Auctions 2 85;

Korean art in the international auction m arket 286

35 Spain 288

Aina Truyols and Fernando Romero

The art market and legislation 288 ; Investing in the Spanish art market 28 9;

The Spanish art market: booming since the l9 9 0 s2 9 1 ; Challenges faced by the

Spanish art ma rket 294; M useum s, foundations, collectors, publishers and the

art market 295;  Bibliography 297

36 Sweden 298

Kira Sjoberg j

Introduction 298; Patronage and collections, private and public 298;

The international m arketplace for Swedish art 299; Taxation 30 3;

Conclusion 303; Bibliography 304

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x CONTENTS

37 Switzerland 306

Dirk Boll

Introduction 3 06; The Sw iss 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

38 Taiwan 313

Iain Robertson

Taiwan s recent history and current art market performances 313 ; The an tique

and Old Master markets 318; Conclusion 318

39 Thailand 319

Brian Curtin

Introduction 31 9; Galleries: an introduction 320 ; The art market 32 0;

Collectors

 321;

 Media 322 ; Bibliography 322

40 Turkey 323

Zeynep Kayhan

The Turkish art market 32 4; Collectors 32 5; Public collections and

museums 32 6; Taxation 3 26; Bibliography 327

41 The United Kingdom 328

Godfrey Barker

The auction m arket 32 9; The m arket for British art 32 9; Lead ing B ritish

artists 333

42 The United States 337

Brook S Mason

New York 337 ; Art show s and fairs  341;  The New York gallery scene 342

43 Venezuela 344

Diana Boccardo

The colonial era 344 ; Travellers to the New World 344 ; The 19th century 345 ;

The 20th century 346; 2000 to the present 34 9

Index 351