The balance of power in the modern art market: the largest auction houses

If we talk about the current state of the world art market as a whole, then it is” ruled by the ball ” three countries-the hegemon-the United States, China, and the United Kingdom. Everything that happens in this market has changed a lot over the past ten years, not least because of globalization. The UPS and downs of the antique market are tied to economic crises. There have been two significant market declines in recent decades. The first significant drop in sales occurred in the period 1990-91, and was associated with the fall of the yen: the Japanese were always among the most active buyers in the art market. Continue reading →