Contemporary İstanbul Bloom set to launch third edition

The Contemporary İstanbul Bloom, İstanbul's premier contemporary art fair, will open its doors for the third time at the Lütfi Kırdar Congress and Exhibition Center Rumeli Halls from April 25 to 28. CI Bloom, which will feature a preview on April 24, will host 24 contemporary art galleries, four art initiatives, and institutions, including new galleries without previous fair experience, showcasing new, young, and diverse artists and projects.

A total of 568 artworks by 267 artists will be exhibited at the fair. Seventy collectors, gallery directors, curators, and museum representatives from nine countries have been invited to CI Bloom.

During today's press conference, CI Bloom chair Ali Güreli shared insights into the highlights of the global art market in 2023.

Sales on decline

Güreli noted that art market sales decreased by 4% in 2023, dropping to an estimated $65 billion. He said, "Last year, high inflation and economic contraction in Turkey and worldwide significantly affected the art market. High interest rates, inflation, and political instability led to a decline in sales in the upper segment. 

“By the upper segment, we mean art pieces from the impressionist era onwards, which are no longer changing hands as frequently. Collectors are holding onto these pieces, resulting in a decrease from 300 transactions to 50 in today's market.

"While the market is shrinking, the increase in transaction volume indicates the spread of art. Additionally, both auction and gallery sales decreased in 2023, but the decline was more severe in auctions."

Güreli also commented on the global position of countries in the art market, stating, "The US remained the world's leading market, accounting for 42% of sales in value, but experienced a 3% annual decline. China rose to become the second-largest global art market, increasing its share to 19%, surpassing the UK, which fell to third place with a 17% share. France maintained its fourth-place position."

Güreli announced that, in line with a decision made last year, Contemporary İstanbul will make a separate initiative targeting Spain and South American countries, inviting galleries from Spanish-speaking countries.

CI Bloom Director Bike Çetinel noted that CI Bloom continues to serve as a platform for promoting contemporary art internationally, aiming to overcome the economic challenges faced by galleries in opening branches and organizing events abroad.

(AÖ/VK)