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. …”