Contemporary art market

The commercialisation of contemporary art market  came with a growing demand and appetite among dealers, collectors and gallery owners. Artists such as Damien Hirst became aware that their art can be commoditised, building brands which are now recognisable all over the world. During difficult financial times, contemporary art  proven its stability on the art market.  According to the Artprice from the standpoint of the decade, the number of works sold has largely quadrupled and prices for contemporary art have risen by 34%. The average  yield rate is impressive compared with financial assets. Contemporary art does not guaranty the same security as Old Masters or Modern Art.

  It is more vulnerable. It is important to know in which artist to invest. The manipulated share prices and trends may affect the stability of the market. However the contemporary art market is always expanding. The turnover from art sold at auctions was worth $11,8 bn in 2011. Art becomes more  accessible and affordable. The reason for  this is particularly affiliated with popularisation and expansion of art fairs. Looking at London Frieze art Fair which from a small tent in 2003 now facilitates more than 70,000 visitors, showcases works of more than 1000 artist and accommodates 150 galleries from around the world. Frieze has managed to create a unique style and offering which dictates artistic trends. some major galleries make as much as two-thirds of their sales at fairs—and spreading contemporary art to heretofore overlooked markets around the world in an endless variety of editions, both gargantuan-scaled and intimate. On the international stage, the Frieze Art Fair (now joined by Frieze Masters and Frieze New York) has been one of the most influential forces in shaping the way art fairs have evolved, injecting a curatorial vision into the trade-show format to create art events that resemble biennials as much as glitzy, high-ticket supermarkets.(Artspace)