Although Mexico boasts a rich artistic heritage and a vibrant contemporary scene, the lack of a solid base of collectors has limited its impact on the global market.
There are two key aspects I cannot help but notice when considering Mexico’s position in the global art market landscape.
The first point is that in every report I read on the art market, whether it be The Art Market Report published by Art Basel and UBS, notes from Forbes, or articles on art market trends from platforms like Artsy, Mexico is rarely among the countries mentioned. This limited visibility is no coincidence; it is directly linked to various structural factors within the Mexican art market.
A clear example is The Artlogic Gallery Report 2024, which, at the beginning of the report, discusses the difference between Europe and North America regarding work-life balance. What is relevant in this context is that, when displaying the graphs, Mexico does not feature within what they termed North America, not only because it is a North American country, but also because it is one of the two countries leading the Latin American art market, alongside Brazil. It is worth noting that they completely overlooked more than 15 other countries, considering that when discussing Europe, they did present the complete map.
The second aspect that stands out to me is the lack of engagement we, as Mexicans, have with art. The issue isn’t the lack of supply or value propositions, as Mexico City alone boasts over 85 art galleries and a large number of artists waiting for their opportunity in this great city. However, despite this cultural richness, the real problem lies in the lack of committed collectors. According to a study by the ArtTactic South Asia Art Market Report, the number of active collectors is a decisive factor in driving a strong local art market. In Mexico City’s case, the network of collectors is small, and being limited to a restricted circle, galleries must compete intensely for the attention of these buyers.
While some galleries have found solutions, such as expanding their presence on international platforms like Artsy or participating in overseas art fairs, these efforts, although partly addressing the lack of local demand, are not sufficient to sustain long-term growth for the Mexican art market. Foreign collecting, while generating income for galleries, does not necessarily foster the development of a robust domestic market, nor does it guarantee continued support for local artists.
What is truly needed is the development of a new generation of collectors in Mexico, one that is willing to value and invest in contemporary national art. In this regard, educational programmes, tax incentives, and awareness campaigns on the importance of supporting the arts can be effective strategies to encourage local collecting. By observing the case of economies like China or India, where the growth of local collectors has been crucial for the consolidation of their art markets, one can glimpse the potential Mexico has if it succeeds in cultivating a strong collecting culture.
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