The positive impact of cultural events on the art economy
As the UAE’s private and public sector seek innovative ways in which to engage with the art industry to enrich and strengthen communities, it is vital to assess the impact of their efforts on the art investment market.
Salma Shaheem of Fine Art Middle East gives us three impacts that Dubai’s cultural events network has left on the investment market:
Cultural events can positively impact investment. From an art advisory perspective, Art Dubai is a fantastic opportunity for collectors to acquire art works from some of the important up and coming galleries from around the world. Each year, collectors learn more about the global art market and gain wider exposure to artists and artworks, by attending these events.
The healthy state of our art economy in the UAE is becoming a more prevalent topic of discussion in the region, and galleries facilitate this. This is mainly as many contemporary artists represented by galleries here are becoming more and more recognised by globally renowned cultural institutions.
Events like Art Dubai and the Sharjah Biennale are other great avenues for international exposure to our galleries. Typically, a piece of art may travel from one location to the next, but these events bring an international crowd to our country allowing us to showcase the physical space that galleries and museums exist in.
span lang="EN-GB">How Art events develop the market:
Having an internationally recognised art fair in Dubai is tremendously important as it gives the local market an opportunity to view and buy contemporary art works from around the world that have been carefully vetted and selected by a team of highly knowledgeable art experts.
During the Biennale, the Emirate of Sharjah lends itself as one big exhibition space, bridging the city with the ever so dynamic art world; where viewer, practitioner and art lover alike, all meet and explore the carefully curated show that Sharjah is so graciously hosting.