The CEO of ArtTactic came to our class to introduce us into the world of contemporary art market that includes galleries, art fairs, museums, biennials, art funds, art dealers, auction houses and exhibitions. Mr Peterson is one of the very first people that got involved with the art market before it was actually established as a market, a bit more than ten years ago. His love about art made him choose to be occupied with this field.The art market is a very profitable business driven international market that since 2000 has become really countable force in the global economical system, that could be estimated today around 60 billion dollars. The most important thing is that it is a continuously expanding market. Especially in North America , in Latin America and Asia there is a huge expansion on the market.
Another important point concerning the art market is why people buy artistic creations. As Mr Peterson explained to us there are to basic reasons. The one is money investment and the other is social positioning/status. Thus could also be explained the role of fairs. Basically international fairs create reputation for galleries and artists. In this way, they ameliorate their positioning in the global art market. As Mr Peterson explained there is a huge gap between the upper and middle market. Something that drives galleries into some of them continuous safe choices with well known artists and some of them looking for new talents and innovation.
London currently plays a more and more integral role in the market business. This is why the fairs that take plays in London are such a big event and have well-known participants. Its important role also drives to major changes in art in the country , having more and more contemporary art events and museums. The whole art market is moving also depending on political, economical and technological factors.
Last but not least, Mr Peterson informed us also about Frieze Art Fair. It is a fair with huge diversity. He explained to us how the galleries are organised inside the fair, which are the biggest galleries, where are the galleries that participate for the first time and gave us advices about how to circulate in it. A very en lighting presentation!