I. Overview of the global art market1. The art world and the art marketIn recent decades, the art market has become very popular with a boom in total sales turnover worldwide. People are starting to participate and become interested in the art world in a more interactive and frequent way. For example, arts institutions have seen more admissions than ever before; museum visits have increased globally and more people are willing to pursue art-related careers. Generally speaking, the art world is broader than the art market. The art world is made up of overlapping subcultures based on a belief in art. They have spread around the world but cluster in art capitals such as New York, London, Los Angeles, Berlin and emerging markets such as Hong Kong, Beijing and Dubai. The market refers to the people who participate in the commercial transaction of art, namely artists, first and second market dealers, curators, collectors and auction house experts. However, from a commercial perspective, dealers are responsible for channeling and diverting the power of all other actors, while critics, curators and artists are not directly involved in commercial activities on a regular basis. More importantly, the art world is a field in which cultures and artworks themselves play a fundamental role, while wealth and powers also have a crucial influence on the market. Unlike any other market, the art market is extremely diverse and opaque. In most cases, buyers tend to hide behind the curtains (especially at major auction events or art fairs), making it difficult to access accurate information (properties of 'works of art, collection properties and price history). As a result, the more information you have about the domestic market, the more likely you are to win an art bus...... middle of paper ......ys in the art world , WW Norton & Company, P12-263. Peter Watson, (January 20, 1998), Sotheby's: The Inside Story, Random House; 1st edition, P35-494. Clare McAndrew, (February 10, 2010), Fine Arts and High Finance: Expert Advice on the Economics of Property, Bloomberg Press, P235-2675. Iain Roberson, (June 25, 2005), Understanding International Art Markets and Management, Routledge, P168-1956. James Goodwin, (September 23, 2008), International art markets: the essential guide for collectors and investors, Kogan Page, P13-397. In the 2011 RBC/Capgemini Global Wealth Management Financial Advisor Survey, 42% of advisors believe their high-net-worth clients invest in art primarily for its value-enhancing potential.8. http://www.artnet.com9. http://www.artnet.com/magazineus/news/artnetnews/china-the-worlds-top-art-and-antique-market.asp10. https://www.tefaf.com/