A New Era: An Analysis of the Contemporary Art Market Bubble

Abstract

Contemporary art as a collectible, asset, and lifestyle has achieved a dominant presence in society and the global marketplace over the last few decades. Auction house sales continue to break world records, art fairs have morphed into cultural spectacles, and museums receive more visitors than ever before. The history of art has been forever altered, yet no one has successfully delineated a substantial answer as to why this shift occurred and where the industry is headed. Here, I explore what accounts for today’s radical art collecting culture and the boom of the contemporary market. In my thesis, through research and experience, I suggest that a culmination of several factors accounts for the drastic shift in the art industry and this “new era” of art.