On The Art Market In The Post-Financial-Crisis Era

The global financial crisis in 2008 triggered by the subprime mortgage crisis inthe U.S.A. exerted a great impact on the art market, which was once quite hot in 2006and 2007 but is not becoming gradually "cooler". Against this background, how dothe art investors cope with it under the climate of the financial crisis?The changes in the capital market resulted in the changes in the relevant auctionmarket of works of art. While the profound changes in the existing ecological patternsof art are inevitable due to the auction market is an indispensable part of the artmarket. Besides, the creating, spreading and the related activities as a whole have allgone through significant changes inevitably and all presented new forms and features.Many new characteristics have been shown in the rapid development of the art marketin China over the past decades. Especially after the global financial crisis, what arethe changes in and the impact on the art market; and how to make use of the favorableopportunities against this new economic and cultural background so that the artmarket can be more vigorous and glorious instead of lagging behind, all these will becovered as focuses of this paper.Nowadays, the trend of economic"globalization" is being strengthened. In thiscontext, investors would pay more attention to the art market. So that it will beconducive for the co-existing and positive interaction of the world's cultural diversity,for this is a favorable choice to be sure. But on the other hand, it should be noticedthat the present art market is being transferred from a collection market into aninvesting one, and the development of art market is its process of financialization. Inaddition.,no matter when it is, the study and discussion about the formation anddevelopment of arts and culture cannot be divorced from people's inner needs. Thegeneration of each regional ethnic art and its development in different stages areinfluenced and decided by the two factors such as subjective needs and cognitive level of people. In contemporary society, as these two factors are changing, ethnic art willsee changes inevitably, and its vitality is what gained and developed only in changesand exchanges.The modern art market in China has been developing rapidly in recent years. Asthe representatives of new emerging art market, it is undergoing surprisingly fastgrowth. While the market bubbles resulted from overgrowth has always beencriticized by practitioners of art market and critics as "irrational prosperity". Underthe influence of financial crisis, some of the problems due to the previous overgrowthbegin to show gradually. However, what we should notice is the rare opportunities forthe ratioanl development of art market brought up from the financial crisis.Practitioners in this field began to notice the "loss" of the value of art in the presentart markdt, hoping that the bubbles in this market be eliminated and a strongerfoundation be laid. During the period when the world economy is recovering, that is,the post-crisis period, problems which are to be improved in the structural adjustmentof art market are also what should be improved in the whole Chinese market. In thisprocess, in which aspects should the artists, the auction house, art foundation and artcritics do as they are the main part of the art market? How to deal with the impact offinancial crisis on the art market? What should the government do as the monitoringdepartment? All the questions above are to be answered in this paper.