THE INTERNATIONAL

ARTMARKETSThe essential guide for collectors

and investors

Consultant EditorJAMES GOODWIN

KOGANPAGE

London and Philadelphia

ContentsContributors xiForeword xxPreface xxiiSponsor statement xxv

Introduction 1James GoodwinThe trading of art 4; Art research 5; The workings of the art market 6;Art indexes 8; Corporate collections 10; Museums 10; Supply and demand 11;Value 12; The collector 17; The investor 18; Art and the law 20; A new age and ashift of economic power 21; Tax and the global art market 27; The internet artmarket and art funds 28; Bibliography 30

1 Sub-Saharan Africa 33Katrin SchmitterIntroduction 33; The art market: an abyss between antique andcontemporary 34; The antique sector 34; The contemporary sector 37;Museums 39; Galleries 40; Exhibitions and art fairs 41; Prices, artists andtrends 42; Conclusion 42; Bibliography and sources 45

2 Argentina 48Adrian Gualdoni BasualdoIntroduction 48; The current Argentine art market 49; Sales volume ofArgentine art at auctions 50; The 10 most expensive works of Argentine art onthe market 51; Conclusion 52

3 Australia 53Georgina Pemberton and Josh PullanI come from the land down under 53; A segmented market: Australian andAboriginal art 54; Financial indicators and performance 57; The players 59;The regulatory environment 63; Buyer characteristics 64; Conclusion 66;Bibliography 66

vi CONTENTS

4 Austria 67Andrea Jungmann and Claude PieningShort history 67; Auction houses in Austria 68; The 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 75Henry Bounameaux and Victor GinsburghIntroduction 75; The Belgian art market 76; Collectors and collections 77;Belgian artists on international markets 78; Legal issues and taxation 78;Bibliography 79

6 Brazil 80Katia Mindlin Leite BarbosaThe current art market in Rio de Janeiro and Sao Paulo 80; Artists who influencethe market 81; Trends 84; Contacts and institutions 85; Legal and regulatoryaspects of the local art market 87; Conclusion 89; Bibliography 89

7 Canada - 90Calin Valsan, Derrick Chong and Elisabeth BogdanIntroduction 90; Sources of data 91; Market data 93; Conclusion 96;Bibliography 97

8 Chile 98Cecilia MiquelIntroduction 98; The point of view of the artist 99; The importance ofmanagement 99; Consumption statistics 100; Summary 101

9 China 103Ruben LienIntroduction 103; The art market by sector 105; The contemporary artmarket 108; Conclusion 110

10 Czech Republic 111Nicole Stava andlvana KodlovaProfile of the Czech art market 111; The market for contemporary art in theCzech Republic 112; The current auction market in the Czech Republic 113;Important addresses 116

11 Denmark and Iceland 118;Kira SjobergThe art market 118; Historical patronage 120; Auctions and galleries 121;Galleries in Denmark 122; Galleries in Iceland 122; Art awards 123;Taxation 123; Conclusion 124; Bibliography and contact information 124

. CONTENTS VII

12 Finland 127Pauliina Laitinen-LaihoFinnish art markets today 127; The prices of artworks 128; Investing in artthrough Finnish auctions 128; Some Finnish artists and art categories 131;Art sale institutions in Finland 132; Important summer exhibitions 133

13 France 134Roxana AzimiHistory 134; The main players in the market 135; The buyers 137;French specialities 138; Exports 139

14 Germany 141Roman KrdusslCollecting and dealing 141; Investing in German art 144; Bibliography 148

15 Greece 149Iliana FokianakiGalleries 150; Fairs/biennials 152; Auctioneers 152; Collectors andcollections 153; Public collections and museums 154; Legal issues and-taxation 155; Acknowledgements 156; Bibliography 156

16 India 157Sonal SinghThe 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 163Vidhyasuri UtamiIndo-European art 166; Indonesian modern art 166; The Balinese school 166;Indonesian contemporary art 167; Reference 167

18 Ireland 168Clare McAndrewThe Irish art trade 168; The Irish taxation system 172; References 176

19 Israel 177Roni Gilat-BaharaffHistory and background 177; The market characteristics 179; How to buy andsell 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 - 184Sara MortarottiThe Italian art market 184; The market in Italy 185; Structure of the market 186;Art and cultural demand 189; Art market legislation 190; Reference 192

VIM CONTENTS .

21 Japan 193Roddy Ropner and Kumiko HirakawaIntroduction 193; The art market 193; Collecting postwar and contemporaryart 197; Museums 198; Media and references 199; Acknowledgements 199

22 Malaysia 200Johnni WongThe artists 200; The government's role 201; Auction houses 203;Art dealers 203; The collectors 204; Conclusion 205; Selected bibliography 206

23 Mexico 207Patricia Bueno Delgado andErcilia Gomez Maqueo YRojasThe importance of 20th-century Mexican art 207; The current art market 209;Trends 212

24 The Middle East and North Africa 214William LawrieCategories of art 215; Galleries 215; Local auctions 218; Internationalauctions 218; Museums 218; Biennials 219; Fairs 219; Collectors and-collections 219; Local media coverage 220; Legal issues and taxation 220;Prognosis 220

25 The Netherlands 221Bert Bakker and Rachel CampbellDutch art internationally: prominence thanks to fertile soil 221; Dutchcontemporary artists in the international market 224; Dutch design 224;The Dutch markets for global art today 225; Local Dutch art and artmarkets 225; The role of the government in the art scene: public and privatespending on the arts 228; Reference 228

26 New Zealand 229Tim Hazledine and Mary Vavasour with Lisa GotliebThe structure of the art market in New Zealand 229; Auctions 229;Dealers 231; Art consultants 232; Art buyers 232; Recent prices and trends inthe NZ art market 233

27 Norway 236Clemens Bomsdorf and Birgitte LieExhibitions and education 236; The market and market conditions 237;Art publications 237; Auction houses, dealers and galleries 238; Collectors 240; \Visual arts 241; Decorative arts 241; Acknowledgements 242; Bibliography 242

28 The Philippines 243Ruoh Ling KeongThe art market 243; References 246

CONTENTS IX

29 Poland 247Yvonna Januszewska and Wojciech KowalskiIntroduction 247; Auctioneers, dealers and modern art galleries 247;Collections and collectors 248; Polish artists on the international market 251;Bibliography 252

30 Portugal 253Joao MagalhaesTaste and trends 253; Market structure 259; Collectors 261; Final notes 262;Acknowledgements 263; Reference 263

31 Russia 264Sergei ReviakinThe art market today 264; Auction houses 266; Art fairs 267; Art andtaxation 267; Education and expertise 268; Contemporary art 268;Conclusion 269

32 Singapore 270Lindy PohIntroduction 270; Auction houses 271; Art fairs and infrastructure 272; Tax andother incentives 273; Art specialist skills and services 273; References 274

33 South Africa 275Harriet HedleyIntroduction 275; Key artists 276; Conclusion 279

34 South Korea 281Sunhee Choi and Byungsik ChoiArt presently sold 282; Players 283; Art fairs in Korea 285; Auctions 285;Korean art in the international auction market 286

35 Spain 288Aina Truyols and Fernando RomeroThe art market and legislation 288; Investing in the Spanish art market 289;The Spanish art market: booming since thel990s291; Challenges faced by theSpanish art market 294; Museums, foundations, collectors, publishers and theart market 295; Bibliography 297

36 Sweden 298Kira Sjoberg jIntroduction 298; Patronage and collections, private and public 298;The international marketplace for Swedish art 299; Taxation 303;Conclusion 303; Bibliography 304

x CONTENTS

37 Switzerland 306Dirk BollIntroduction 306; The Swiss gallery scene 307; The leading fair for modern andcontemporary art 307; The secondary market in Switzerland 308; Jewels andwristwatches 309; Swiss impact on international art markets 309; Legalframework 310

38 Taiwan 313Iain RobertsonTaiwan's recent history and current art market performances 313; The antiqueand Old Master markets 318; Conclusion 318

39 Thailand 319Brian CurtinIntroduction 319; Galleries: an introduction 320; The art market 320;Collectors 321; Media 322; Bibliography 322

40 Turkey 323Zeynep KayhanThe Turkish art market 324; Collectors 325; Public collections andmuseums 326; Taxation 326; Bibliography 327

41 The United Kingdom 328Godfrey BarkerThe auction market 329; The market for British art 329; Leading Britishartists 333

42 The United States 337Brook S MasonNew York 337; Art shows and fairs 341; The New York gallery scene 342

43 Venezuela 344Diana BoccardoThe colonial era 344; Travellers to the New World 344; The 19th century 345;The 20th century 346; 2000 to the present 349

Index 351