Stating that sales in the art market decreased by 4 percent to an estimated 65 billion dollars in 2023, Güreli gave the following information:

“Last year, high inflation and the contraction in the economy in Türkiye and the world also affected the art market greatly. High interest rates, inflation and political instability caused sales in the upper segment to become less frequent. What we mean by the upper segment is that the artworks of the period that started with the impressionists and continues do not change hands frequently anymore. Collectors do not sell these works. If 300 works of art of that period changed hands a year, this has now dropped to 50.

“On the other hand, the increase in transaction volume while the market shrinks also shows that art is spreading. On the other hand, both auctions and gallery sales decreased in 2023, but the decline in auctions was more serious.”

China pushed England down to 3rd place
Touching on the place of countries in the global art market, Güreli continued as follows:

“The US maintained its position as the leading market globally, accounting for 42 percent of sales by value, but experienced a 3 percent annual decline. China became the second largest global art market, increasing its share to 19 percent. It has surpassed the UK as the second largest market worldwide. England, on the other hand, moved to third place, decreasing its share to 17 percent. France maintained its fourth place.”

Spanish-speaking countries in focus
Stating that, as Contemporary Istanbul, they will make a separate launch for Spain and South American countries, with a decision taken last year, Güreli said that they invited galleries from countries whose native language is Spanish.

CI Bloom Director Bike Çetinel stated that CI Bloom is progressing as a platform that promotes Turkish contemporary art in the international arena in order for galleries in Turkey to overcome the economic difficulties in opening branches and organizing events abroad. Çetinel stated that CI Bloom also focused on Spanish-speaking countries this year.

CI BLOOM Participant Gallery List

Art On Istanbul, Istanbul; Belm'art Space, Ankara Bozlu Art Project, Istanbul; brieflyart, Istanbul; BüroSarıgedik, Istanbul; PINE. Gallery, Istanbul; from art, Antalya; DifoArt, Istanbul; Dirimart, Istanbul; Gallery Bosfor, Istanbul; Gallery 77, Istanbul; Gallery Black and White, Ankara; Muse Contemporary, Istanbul; One Arc Gallery, Istanbul; Pg Art Gallery, Istanbul; Pi Artworks, Istanbul, London; Piramid Sanat, Istanbul; Sanatorium, Istanbul; Simbart Projects, Istanbul; Taksim Art, Istanbul; Vision Art Platform, Istanbul; x-ist, Istanbul; Zilberman, Istanbul, Berlin, Miami; 10_12 Gallery, Istanbul

Institutions and Initiatives

Contemporary Istanbul Foundation, Istanbul; Koli Art Space, Istanbul; MAHAL, Canakkale; NOKS Art Space, Istanbul

Taviloğlu Collection Exhibition
Contemporary Istanbul Foundation will host the solo exhibition of Japanese artist Tomokazu Matsuyama simultaneously with the 60th Venice Biennale. The curator of the exhibition between 20 April and 24 November is Christoph Doswald.

The foundation will also open an exhibition of the Mustafa Taviloğlu collection this year. Taviloğlu Collection Exhibition will meet its enthusiasts in different venues in Istanbul in October-December 2024. Places; Istanbul Ersim and Sculpture Museum, Artİstanbul Feshane, Museum Gazhane, Haliç Shipyard, Metro Han and İş Bankası Kibele Art Gallery