Global and Local Flows in the Contemporary Art Market: The Growing Prevalence of Asia

Abstract This chapter presents an empirical investigation of the non-auction contemporary art sector between 2000 and 2010. First, contrary to previous literature on art markets, it finds that the art market has become more globalized than before. Second, it finds strong evidence that Asia’s prominence has increased in the international art market. Third, it finds that while Asian galleries seem to have a growing preference to attend Asian fairs rather than attending non-Asian fairs, non-Asian galleries increasingly travel to fairs in Asia in order to present their artists. This chapter demonstrates that there is a counter-flow from the periphery to the center of the art world, which moves in many different directions. The chapter's findings support the cultural flows approach, and challenge the cultural imperialism model.