The contemporary art market at the beginning of the third millennium

: focus on the impact of the 2008 economic crisis in the city of Lisbon

Abstract

This research proposes a brief historical analysis of the art market following the economic crisis of 2008, taking into account the socio-cultural context of the post-modern period.Within the first chapter of this dissertation, a brief introduction will be given regarding the historical and cultural evolution of the contemporary neo-liberal society, presenting the key concepts of the contemporary art market in which, with the beginning of the new millennium,globalization has played a fundamental role.Following the analysis of the new neo-liberal principles of the market and the art market, the main factors that led to the recession following the economic crisis of 2008 will be presented.Through the analysis of the effects of the economic crisis, we will focus on the Portuguese experiment, which has become a positive example of economic recovery within European countries. The last chapter will focus on the situation of the Portuguese art market, highlighting the main periods of change and international development in Portuguese contemporary art.A chronological list of new art galleries developed since the 1990s in Lisbon will be presented, highlighting a greater development since 2016, thanks to the participation of important art fairs such as Art Basel1. The internationalization of the city of Lisbon, which also includes the art market, becomes a fundamental element in terms of development and economic recovery.As will be highlighted in the third chapter of this dissertation, the Portuguese art market, as well as the international one, has undergone continuous changes since the 1990s, leading Lisbon's art galleries to invest more and more in international art fairs, thus helping national and international artists. The investments made by the Portuguese government in the tourism sector have led to an increase in capital and a consequent growth in purchasing power,influencing the field of culture, including works of art.

Date of Award	13 May 2021
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Ana Cristina Cachola (Supervisor)