International Art Markets: Opening new paths for young Artists and for Cities

Abstract

Since the mid-2000s, global investors have begun to move away from the real estate sector and onto new investments, including, in particular, in the art market (Harvey 2006, Campbell 2008). In this market, the reliance on new media enabled many young artists and their works, as well as art galleries and public spaces, to reach a wide audience increasing their economic value very quickly. But this change in strategy on the part of global investors has also led to an increase in the social value of artistic production (even ‘alternative’ forms of expression) and to a significant expansion of art education. Cities, especially across Europe, played an important role in this process, namely through urban regeneration, the “cultural turn” and the aestheticization of old urban areas in ways that bring together tradition (through heritage) and innovation (through arts). This paper focuses on the evolution of the international trade in works of visual arts in Portugal, and especially in Metro Lisbon between 2001 and 2011, and seeks to take stock of the effect of the current crisis in that trade. Additionally, it also addresses the expansion of art education and artistic production and the role of arts in new urban dynamics.