The Neoliberal Marketization of Global Contemporary Visual Art Worlds: Changes in Valuations and the Scope of Local and Global Markets

Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)peer-review

Abstract

Neoliberal marketization has helped in the rise of a new art market as the influx of new money from both geographically new markets (i.e., Asian art markets) and a new group of art buyers (i.e., art investors) challenged key practices of the traditional art world in terms of valuation and consumption. This chapter illustrates how recent market change(s) in the contemporary art market expedite the reordering of status in contemporary art. Moreover, marketization, through commensuration and financialization, has made the cultural order in global art world less significant especially in newly emerging art markets. Focusing on the mechanisms and practice changes, I show how marketization has changed the conventional valuations and consumption practices in art markets, and created a growing interest in Asian contemporary art markets.
Original languageEnglish (US)
Title of host publicationArt and the Challenge of Markets
EditorsVictoria Alexander, Samuli Hägg, Erkki Sevänen
PublisherPalgrave Macmillan
Chapter3
Pages65-96
Number of pages32
VolumeII
ISBN (Print)978-3-319-64643-5
StatePublished - 2018

Publication series

NameSociology of the arts
Publisherpalgrave macmillan

Keywords

  • Art markets
  • Valuations
  • Globalization
  • Status
  • Sociology of culture

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