Evolving impact of the auction houses in Turkish contemporary art market

Abstract

There are vital institutions serving the production, distribution and consumption of the contemporary art works and constituting the value of art. One of those institutions, an Auction House, as being solely a commercial entity, directly affects the perception of the art value via pricing. However, market value of the art work is not necessarily a fair and sufficient indicator and does not necessarily correspond to the artist’s career path. According to the artists, the perception of value attributed by that price per se, harmed the artists’ reputations and careers. This research aimed to analyse the presence of Auction Houses in Turkish contemporary art market.