The Art Market, Global Economy and Information Transparency

• Main Author: Federica Codignola
• Format: Article
• Language: English
• Published: Niccolò Cusano University-Rome 2003-06-01
• Series: Symphonya
• Subjects: keywords: art market; art marketing; art distribution; auction houses; art market information; information transparency; global economy
• Online Access: https://symphonya.unicusano.it/article/view/9306

The economic role of art is sustained by complex marketing processes, which tend to modify the aims and conditions of artistic enterprise. The great dynamism which characterises the global markets in which businesses move nowadays also affects artistic enterprises and hence the artist cumentrepreneur. In the global art market, therefore, information flow between demand, supply and distribution, risks being asymmetrical. With globalisation, the art market has recorded considerable changes. The market has become internationalised up to the point of becoming a worldwide market. On the whole, globalisation of the art market appears to have favoured an increase in supply and its revitalization, too. Demand has undergone a remarkable growth, probably due also to its fragmentation and diversification.