Once-segmented markets reach a new level of cohesion.(International Art)

This year, an overwhelming international presence descended upon Artexpo New York. Global art dealers, hoping to take advantage of the weak dollar, flocked to the Jacob K. Javits Convention Center in near record numbers as publishers, galleries and artists vied for international attention.

As the art world continues to go global and national cultures and economies become increasingly intertwined, the need to better understand developing trends in the international art market becomes paramount. Major factors, including the Internet, newly emerging global economies and the rising importance of international art fairs, are shaping the once-segmented art community into a cohesive, universal market.

Emerging Markets Achieve Global Influence

Changes in the global socio-economic scene could indicate where the next prominent art markets will surface. As the value of the dollar continues to decrease, a number of overseas economies are growing stronger, resulting in a revitalized focus on their emerging art markets.

"Interest in the global art community in the specific country depends directly on the economic prosperity of the given country," says Marguerite Charugundla, owner of Tamarind Art Gallery in New York, a company that specializes in bringing contemporary Indian art to the Western marketplace.

"Asia, including India and Russia, are emerging economies where significant wealth is created," Charugundla continues. "Most of the wealthy people are very interested in contemporary art, and they have resources to support their interests. We will continue to see strong demand from these countries, which will push prices higher for the global art community."

Nadia Mierau, the only U.S. representative for Gallery Khankhalaev in Moscow and owner of the New York-based fine-art printing company Long Island Giclee Printing, agrees. "Russia is undoubtedly a serious market right now with a lot of money to spend on fine art and luxury," she says. According to Mierau's observations, most Russians work only with top U.S. dealers, galleries and artists. …