Venice Effect and Christie's Records: The New Global Art Market Scenario

The 61st Venice Biennale, titled "In Minor Keys" and curated by Koyo Kouoh, generated global media attention beyond the art world, followed by mega fairs Tefaf and Frieze in New York and record-breaking auctions at Sotheby's and Christie's. While the Biennale's focus on decolonial and peripheral narratives seems at odds with the market's emphasis on US economic-political dominance, the "Venice Effect" positively impacts artists' institutional validation and sales. Many artists from the Biennale will appear at Art Basel in June. The article argues for adopting a megatrends perspective to understand structural changes in society, economy, and technology, using the European Commission's Joint Research Centre Megatrends Assessment Tool, which identifies 14 megatrends affecting the art market, including geopolitical instability, digital revolution, inequality, climate change, and resource scarcity. In France, a new law facilitates the restitution of artworks and artifacts illegally taken from former colonies between 1815 and 1972, praised by Culture Minister Catherine Pégard as a gesture to renew cultural ties. In Italy, a bipartisan bill aims to strengthen ArtBonus by extending a 65% tax credit to the third sector, historic homes, parks, and churches, with approval expected by May 25 and publication by year-end.