Cosmopolitan canvases the globalization of markets for contemporary art

This book brings together recent, multidisciplinary, cutting edge research on the globalization of markets for contemporary art. Focusing on different regions including China, Russia, India, and Japan, the chapters in this book study the extent to which art markets have indeed become global. On the one hand, it focuses on organizations such as the art fairs, Internet platforms, and auction houses which have enabled global flows of contemporary art. It shows how art from places such as the Middle East has been transformed into a new asset class. On the other hand, the chapters highlight the multiple barriers which globalization has encountered in art markets. Although markets for contemporary art have indeed emerged across the globe, cross-border flows of works of art have remained comparatively insignificant. The reasons behind these barriers are explored. They include differences in taste across the globe, trade barriers in countries like India and Brazil, and vested interests of actors in local art worlds like Japan. This book recognizes the coexistence of various ecologies of contemporary art exchange and sketches the presence of resilient local networks of actors and organizations within art markets. Some chapters moreover argue that Europe and the United States continue to dominate the global market, especially when considering rankings of success and participation in the most prestigious commercial events such as Art Basel.