Introduction to global art markets

Abstract

Highlighting the complex interplay of economic, cultural, and social factors in shaping art’s value and accessibility, this chapter provides the background for discussing the art markets in a global perspective. Focusing on history, technology, finances, and ongoing geoeconomic reconfigurations, it discusses the rational of current art markets’ phenomena, such as the multimillionaire sales of Da Vinci’s Salvator Mundi and Beeple’s non-fungible token (NFT) The First 5000 Days . The topics discussed include the democratization of art access, the rise of speculative investments like NFTs, the role of art museums as democratic institutions, and the low regulatory environment that favours emotional and speculative investments in art.