GLOBALIZATION OF MARKETS FOR CONTEMPORARY ART

Abstract

ABSTRACT Drawing on both qualitative and quantitative data, this article explores the extent to which Western art markets are globalized by focusing on the nationality of contemporary artists represented by art galleries in Amsterdam and Berlin. Far from the borderless world presupposed in the globalization literature as well as by art dealers themselves, galleries in both countries show a strong home bias, whilst American artists dominate in Amsterdam and Berlin galleries. The article explains this home bias by focusing on widely diffused organizational practices, business conventions and role models within market settings, which are the outcome of cultural globalization, but also pose barriers to art dealers' global aspirations.