Global art market and art economy after 2000 and Turkey: The evolution, resilience, and global prominence of the Turkish art market

The term "market" has deep historical roots, evolving from a physical space for trade to an abstract concept symbolizing the exchange of goods and services. In the sociology of art, Pierre Bourdieu has shaped a distinctive path of research, emphasizing taste judgments, cultural power, and cultural capital as tools for social dominance. This foundation aids in understanding the intricacies of the art market. Over time, art has transformed into an alternative investment for corporate entities, wealth managers, banks, and individuals, driven by economic shifts since the 1980s. The 1980s saw the privatization of culture, leading corporations to amass substantial art collections, blurring the line between art and commerce. Influential figures like David Rockefeller played a crucial role in shaping corporate engagement with the arts. The period from 1940 to 1986 marked significant milestones in the art market, including record-breaking sales and the exceptional auction of Van Gogh's paintings in 1987. The art market, a multifaceted entity, involves economic transactions and the dynamic nature of art itself. This research focuses on offline sales through galleries and art auctions to ascertain the true value of artworks. Adopting a unique approach, the study explores the complexities of the global art market, with a specific emphasis on Turkey. Drawing inspiration from Bourdieu's theoretical framework, the research embarks on an epistemological journey into the global art market, unraveling the intricacies of the art economy in Turkey and tracing its historical evolution. This approach highlights challenges faced and adaptations made over time