Exploring the Emergence of Contemporary Art Galleries in Istanbul: The Effectuation Perspective
The annual sales volume in global art market from 2007 to 2016 was around $60 billion on average (McAndrew 2017). With respect to Turkey’s 0.9 percent share in world trade, the country’s art market can be roughly estimated to be around $500 million. In terms of contemporary art, which refers to works by artists born after 1945, the global auction revenues reached above $1 billion in recent years (Artprice 2014). Given that there are 1.6 times more sales in dealers than in auctions (Pownall 2017), the world contemporary art market can be estimated over $2.5 billion. In 2011, the auction revenue from contemporary art in Turkey ...
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