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The Contemporary Asian Art Market and the Artistic Value of Market-Leading Works

  • Journal of History of Modern Art
  • 2020, (48), pp.187-214
  • DOI : 10.17057/kahoma.2020..48.007
  • Publisher : 현대미술사학회
  • Research Area : Arts and Kinesiology > Art > Arts in general > Art History
  • Received : October 25, 2020
  • Accepted : December 6, 2020
  • Published : December 31, 2020

Kim Sunghye Stella 1

1서울대학교

Accredited

ABSTRACT

Contemporary art, which reflects the reality of the present time, requires a new way of perception that transcends time and an understanding of complex temporal, spatial, and regional perspectives. Along with a strengthened global economy, contemporary art has also advanced by interacting with a market centered on capitalism. In the twenty first century, Asian contemporary art has actively grown together with other contemporary art through various distribution processes mainly led by auctions, collection by public institutions, biennales, and art journalism. This paper examines the development of the Asian contemporary art market centered on China, and discusses whether the contemporary values and “globalization” connoted in the Asian contemporary artworks can be applied to the art market itself by studying contemporary Chinese artist Zeng Fanzhi, who has a strong reputation in the auction market. Regarding the phenomenon that the artistry of the artwork itself is undervalued due to the fact that works always attract attention in the auction market in conjunction with the economic power of the nation as well as the fame of the artist, it cannot be concluded that the artistry of market-leading artworks is lacking. Rather, these works contain contemporary values that conform to the capitalistic system where artistic and market value converge.

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