The changing geography of the global art market
This article examines participation of Asian artists in the global art system previously dominated by European and American creators and producers in order to assess whether the level of Western hegemony is declining. Among the 500 contemporary artists with the highest levels of auction sales, 49 % came from Asia in 2011-2012, compared to 8 % in 2005. A major factor in the selection of artists for biennials and art fairs is the nationality of members of the committees that select the artists. National affiliations of artists exhibiting at biennials and being sold at auctions and of galleries participating in art fairs reveal a considerable “home bias” : preference for artworks produced locally or regionally. As a result, the global art market is segmented into distinct regions, East and West, each with its major artists and major art centers.