The contemporary art market - Italy

1.1 Introduction

The contemporary art sector represents the environment in which works of art made by contemporary artists are bought, sold and exchanged. In this market, one finds products such as:

• Paintings: Contemporary paintings are made with colors on different surfaces, such as canvas, paper or wood.
• Photographs: Contemporary art photographs are an increasingly popular medium. Artists use photography as an expressive medium to capture moments, concepts, or emotions. Photographs can be presented as individual prints or as part of photographic series.
• Sculptures: Contemporary sculptures are made from a variety of materials, such as metal, wood, glass or plastic. They can be abstract, figurative or conceptual.
• Digital art: Digital art represents the use of digital technologies, such as computers to create works of art. It can include generative art, multimedia art, algorithm-based art, and more. Digital art takes advantage of new technologies to explore new forms of artistic expression.
• Installations: Installations are works of art that occupy a specific physical space, transforming the environment and engaging viewers. They may include visual, sound, tactile or interactive elements.
• Performance: Performance art involves live action or interaction by artists or participants. Performance art challenges traditional art conventions and offers a dynamic and temporary experience.

The history of contemporary art begins in the late 1700s and early 1800s and extends to the present day. The term "contemporary" refers not only to living artists, but also to artists of past centuries, such as those of the 19th and 20th centuries. Artists and works from the Renaissance, Baroque, and Romantic periods can be considered modern, although they are often not labeled as such. The historical avant-gardes, such as Cubism, Futurism, Symbolism, Dadaism, Surrealism, and Expressionism, were the first significant movements in contemporary art. These movements were distinguished by their quest for expressive freedom, irrationality, subjectivity and opposition to the conventions of the time. Some of the major artists in contemporary art include Pablo Picasso, one of the founders of Cubism; Andy Warhol, representative of Pop Art; Francis Bacon, known for his powerful angst-ridden works; Salvador Dalí, a representative member of the Surrealist movement; and Banksy, a famous street artist and social critic. These artists have left a significant imprint on contemporary art, defying convention and leaving a lasting impact on the art scene.[Galmcasa]

Postwar contemporary art dominates the market, accounting for 55 percent of the $6.7 billion value of global art auction sales, up 42 percent from the previous year. Newer works, created in the last 20 years, account for more than a third (37%) of that value.[Artbasel]