Global capitalism, wealth inequality, and the art sector

Neoliberal capitalism is characterized by high inequality, the increasing power of economic elites, financial volatility, frequent macroeconomic crises, the commoditization and financialization of a larger array of activities, and a retreat in the role of the state in production, redistribution and regulation. This chapter shows how these trends affect the art sector, which has become increasingly dominated by the money of economic elites, commodified and sensitive to cycles of boom and boost in the economy. The chapter examines the growing international globalization of the art market, the proliferation of freeports to hold art work free from tax burdens, the growing influence of private donors in public museums, and the shrinking of middle and small size art galleries. To counteract these trends we propose devoting more public resources to the cultural sector, encouraging art cooperatives and art commons owned and managed by artists, proper taxation on, large transactions in the upper end of the art market, and building public registries of valuable artworks. words abstract