||About the Author||Olav Velthuis, Associate Professor, University of Amsterdam,Stefano Baia Curioni, Associate Professor, Bocconi University||Olav Velthuis is Associate Professor at the Department of Sociology and Anthropology of the University
Since the late 1990s, contemporary art markets have emerged rapidly outside of Europe and the United States. China is now the world's second largest art market. In counties as diverse as Brazil, Turkey and India, modern and contemporary art has been recognized as a source of status, or a potential investment tool among the new middle classes. At art auctions in the US, London and Hong Kong, new buyers from emerging economies have driven up prices to record levels. ...
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