the Renaissance by the ruling Ottoman empire . “Modern” art is therefore a relatively new concept to the Greeks and represented a relatively untapped market that the three major auction houses were quick to take advantage of. There are several reasons that the opportunity to dominate the market for Greek art became available to an organisation outside of Greece. The main reason is that much like the Indian art market, the Greek art market is relatively un-regulated and there is also a severe lack of infrastructure relating to authenticity, valuation and art market expertise that would be required to support the development of a free market in Greece. An opportunity was therfore available to an international organisation that could supply what the Greek art market lacked and to satisfy the needs of those rich Greeks who have a passion for art.
Although the market for Greek art has proven to be very strong even during the recent financial crisis, investors and collectors should be extremely wary of the hype surrounding Greek art and should be extremely cautious with their purchases. My reason for suggesting caution is that the Greek art world lacks the cultural sector infrastructure that is so important to the long term stability of an art market and the buoyancy of the prices being paid for the work of that market’s artists. The contemporary Indian art market has suffered during the financial crisis due to the same lack of infrastructure that the Greek art market suffers from. Greek art, especially the work of contemporary artists, has plenty of potential for investors but is also fraught with potential traps and problems that could have a major effect on the price of the work of many artists.
Although Bonham’s quip that “Interest in Greek art is more than just a myth at Bonhams 15th Greek Sale” does ring true, the market for Greek art is in it’s infancy and is at a relatively high risk of becoming a very fragile bubble that could easily be burst. Investors and collectors should be particularly concerned about authenticity and future value until a more advanced cultural and market infrastructure is in place.
**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications