John Zarobell - Art and the Global Economy
20 May 2021
Art and the Global Economy analyses changes in the art world and its economic implications since around the turn of the 21st century. It delves into the rise and growth of the international art fairs, biennials, blockbuster exhibitions and the international contemporary art market. It covers the whole gamut of the art market-related economy and enlightens the reader with insights into, for example, the international freeports and the role the big two auction houses play.
The book also provides interesting case studies of emerging art centres such as Istanbul, Mexico City and Moscow, with personal reflections from local writers and curators.
It was published in 2017, well before we knew what COVID-19 was and as such the comments around online art buying are unavoidably outdated. The enormous changes in online sales, virtual marquee auctions and NFT’s were not on anyone’s radar at the time of writing the publication.
The book, however, gives a very good overview of the complexities of the economic aspects of the art market. It gives insight into the very many elements that make up an art sale or art exhibition, and the many players involved in the art ecology, including high profile collectors and auction houses that can create and drive demand for art works.
It is helpful to be reminded that an art fair doesn’t just involve galleries selling blue chip artists but that these enable an enormous economic impact on other areas such as international shipping, insurance, event management, art handling, etc. Some biennials and art fairs are incredibly lucrative to the local economy aside from their artistic and cultural impact.
Personally, I found it particularly interesting to read the chapter about high profile museum shows in which arts fundraising, including the different funding mechanisms for blockbuster shows as opposed to funding for the museum collection itself were explained. As a fundraiser this is wonderful to read as there is often a misconception around the income from such exhibitions. The amount of planning and money needed to stage such shows is quite enormous and often not known to the public.
Like many other books it left me with several questions, such as ‘Are biennials beneficial to local artists?’ ‘What is the role of the curator of a biennial?’ and ‘Should biennials focus predominantly on the artists in the locality or should they bring the international scene to their locality?’
On the other hand, a lot resonated with me, especially John’s description of an auction house specialist; ‘..they travel to wherever there are collectors to see, often living in hotel rooms and eating at receptions and power lunches.’ At times, having packed in four countries in one week and having slept in five different rooms, I can vouch for being confused at times and trying to find the right door to the bathroom….
For anyone wanting a deeper understanding of the financial aspects of the art market and the impact on local communities this book provides very thorough and thought-provoking information.