The development of the Romanian art market

Abstract

The Romanian art market occupies a relatively modest place in the international context, but it has registered a significant growth in the last decades, attracting more and more attention on the global stage. Like most Eastern European countries, former communist states, Romania is an emerging art market, currently having a small volume of transactions on the world art market. At the moment, most sales of modern art in Romania are made through auction houses, with Artmark the authoritative leader, while contemporary art is mainly sold through galleries. However, the volume and value of transactions remain modest compared to the large international auction houses such as Christie's and Sotheby's. This paper examines the market dynamics, analyzing the activity of art galleries, auction houses, publications and art magazines, what are the quotes of Romanian artists, and other aspects, such as art fairs or data related to the trends of the Romanian art market good, because opportunities exist, including for a young market like the one in Romania. Events such as Art Safari, MoBU, Bucharest Contemporary Art Biennale and Cluj International Ceramics Biennale, etc. contributes to positioning the Romanian art market on the international map, attracting collectors and art critics from all over the world. The perspectives of the Romanian art market are particularly aimed at the function of art as an investment alternative, as there are still many heritage or contemporary art objects at affordable prices for the beginning of a collection, but also for older collectors or those people with solid financial funds who are looking for an alternative to secure savings. The paper concludes that the Romanian art market has the potential to develop and expand significantly in the coming years.