The Contemporary Art Market Essay Example | Topics and Well Written Essays - 1250 words

The Contemporary Art Market - Essay Example The essay "The Contemporary Art Market" talks about the Market of Contemporary Art. The impact of diversification and extension of art market into an open international market has gradually permeated into the art market with major changes being felt in operation of the sales. Such changes include the use of major auction outfits such as Sotheby’s and Christie’s. Giving a quick scan of the proceeding of the 2010 market, some of the above revelations come into light, for instance the fact that some of art pieces by some of the above mentioned contemporary artists dominated the market. It is also an observed fact mixed reactions depict the market situation while 2010 is taken into comparison with 2008, just before the recent economic crisis. While earlier predictions indicated that the impact of the recent economic slump would take at least three years to full recovery, a different reaction would not be ruled out earlier than that. According to the author, the impact of ec onomic performance was severe to the art market and a considerable duration time would be projected to recover. However, 2010 indications are satisfactory that normalcy will rapidly return in 2011 if all factors are held constant. Brown illustrates one of the pricing patterns to be expected in 2011, with impact of 2008 crisis gradually being recovered. Some of the major sales recorded in 2010 at Christie’s include Jasper John’s Flag was sold at over 28 million US dollars. Rehs also reports that Liz went fro over 18 million US dollars.