Over the last twenty-five years, the contemporary art market has undergone profound transformations that have reshaped its geographies, actors, infrastructures, and systems of value. Since the early 2000s, the accelerated globalization of art markets has challenged long-standing Euro-American dominance while reconfiguring the relationship between cultural legitimacy and economic power. The spectacular rise of the Chinese art market, particularly after the 2008 financial crisis, repositioned China as a central node in the global circulation of contemporary art, while other regions and artistic scenes, including Brazil, India, parts of Africa, and the Middle East, gained unprecedented visibility within international market structures. At the same time, artists historically marginalized within dominant art-historical narratives – including women artists, Black artists, Indigenous artists, diasporic artists, queer artists, and artists from the Global South – have increasingly entered major museum collections, biennials, galleries, auction houses, and art fairs, often accompanied by dramatic rises in market valuation.
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