If you want some further examples of the sentimental and nostalgic direction that the art market is beginning to take then I shall provide you with two more. The first example is the direction that the Australian Aboriginal art market has taken recently in response to a severe drop in prices and a major change in perception caused by several factors that I will discuss shortly. Australian Aboriginal art experienced a huge boom roughly in conjunction with the global contemporary art market boom, which saw prices for Australian Aboriginal art skyrocket, and the market for said works expand at a rapid rate. Unfortunately, that boom turned to a spectacular bust for much the same reasons and at roughly the same time that the global contemporary art market took a massive hit.
Much like the global contemporary art market, the Australian Aboriginal art market boom saturated the market with a plethora of rubbish, which in turn diluted the overall quality and relevance of the works of Australian Aboriginal art that were available on the market. Although it may seem that such a situation would serve to increase the value and desirability of the top quality works, it is just as likely (if not more likely) to make people question the value of the entire market and become rather disillusioned with the whole sector or genre “ which is exactly what happened. Rampant fakery, forgery and mimicry, combined with obstructive and useless attempts at regulating the Australian Aboriginal art market, caused collectors and investors to fly the white flag of defeat in the face of seemingly insurmountable obstructions. As an indication of how far the Aboriginal art market has fallen as result of the problems associated with the market, the Australian Art Sales Digest has calculated that the value of Aboriginal art put up for auction has fallen from a high of just under $24 million in 2007 to just under $11 million in 2009. 2010 is shaping up to be yet another disappointing year for Australian Aboriginal art with total auction offerings likely to be even less than last 2009.
In response to the rather dire situation that the Australian Aboriginal art market is facing, the market and cultural sector has begun to focus on the Aboriginal master artists of the past who were the real reason that Aboriginal art became so popular. With most art movements and styles there are a small group of artists who pioneer the movement/style and whose work is considered to be the most legitimate and authentic.
