Contemporary art: Global frameworks

Contemporary art: Global frameworks:

“Art-fair musical chairs

CONTEMPORARY art is a futures market in which ‘derivative’ is a bad word. Art Basel, which ended on June 20th, heard a lot of phrases adapted from the financial markets. To be a good bet against near-zero interest rates and unpredictable currency fluctuations, art needs the potential of a global market. Thus, ‘local artist’ has become a synonym for insignificant artist and ‘national’ damns with faint praise. ‘International’ is now a selling point in itself.

Aided by banks and royalty, international art fairs are spreading belief in contemporary art. UBS sponsors Art Basel and its sister fair, Art Basel Miami Beach; Deutsche Bank subsidises London’s Frieze Fair and the Hong Kong International Art Fair. In the Middle East, local rulers are patrons of Art Dubai and Abu Dhabi Art. …”

(Via The Economist: Books and arts.)