Photo: Art Installation - Tofer Chin - Sao Paulo
The annual TEFAF (European Fine Art Foundation) report which gauges the art world has just come out and Brazil’s booming art scene garnered a lot of attention.
Author Dr. Clare McAndrew points to where the $56 billion art market is shrinking and where it is growing and that is Brazil. This key report provides the first indepth analysis of the Brazilian art market which currently accounts for 1 percent of sales in the global art market.
McAndrew credits the growing number of Brazilian billionaires as the driving force behind substantial art purchases for their respective collections. The $500 million art market in the country is made up more of local sales than substantial international art deals, for now. It is the country’s wealthy that are doing more and more of the buying outside the country and contributing to the global art market.
The amount of art sales through traders and auction houses increased by 10 percent in 2012 in Brazil.
The study also points out that a majority of art galleries in Brazil are owned by women located mainly in Rio de Janeiro and Sao Paulo.
The global art market remains dominated by the U.S. and China.