London's market in contemporary art is the second largest in the world after New York. It is home to several hundred commercial galleries and private dealers selling the works of British and international artists to individual and institutional collectors at home and abroad. Outside the capital, however, the art market remains small, limiting the opportunities for artists in the rest of the country to support themselves through sales of their work.
For that reason, we have been working with a number of partners to develop markets across the English regions. Art markets emerge where a number of elements coincide: inspirational art schools, an established community of artists, proactive collecting public galleries, committed collectors, and an informed and engaged public for contemporary art. Our regular funding of visual arts organisations and one-off grants help to create some of these conditions, but others require specific targeted interventions.
Since 2007, we have provided seed funding for emerging commercial galleries in the north east, north west, south west and the East Midlands. These venues play an important role in helping local and regional artists to reach national and international audiences and markets, and our investment has enabled them to take part in major art fairs in the UK, Europe and the United States.
We also give grants to support fairs such as Zoo, Frieze, and the Manchester Contemporary. In the West Midlands, we have been working with the city council and Business Link on the Cultivate scheme to identify ways of encouraging an art market in the region. Nationally, we work in partnership with the Contemporary Art Society to develop potential collectors throughout England. We also provide occasional project funding to commercial galleries seeking to build audiences through education and community programmes.
Another key mechanism for developing a broader art market is Own Art, our scheme to provide interest-free loans of up to £2,000 to individuals wishing to buy contemporary art, many for the first time.
