State regulation of the art market: global trends, experience of various countries and prerequisites for regional economic growth

Abstract

Background of Research: In a global economy, where individual regions, cities and countries cannot demonstrate their uniqueness and attractiveness, the presence of a developed art market on their territory can contribute to the growth of their competitiveness. A well-developed art market is highly profitable itself and it has a strong impact on the intangible companies, cities and countries involved in deals, tradesmen or organizers and hosting global art events. As a result, the global attractiveness of economic entities, their products and services increases significantly. Purpose of the article: In this article, the problem of finding effective measures of state regulation of the market. and prerequisites for regional economic growth. Methods: The paper presents a comparative analysis of measures of state regulation of works of art, applied in different countries, used econometric methods and methods of matrix hierarchical analysis. Findings & Value added: With the help of econometric dependencies, the indirect influence of the high activity of the country’s art market and its turnover on the growth of the country’s GDP through both direct financial influence and additional qualitative dependencies is substantiated. Regularities of the influence of a developed art market on the brand of the territory and the region to which it belongs are obtained, which allows us to propose a mechanism for the formation of a positive image of the city, region and country in the global economy, as well as the development of the attributes of its cultural brand.