Armenia making strides in attracting prestigious international  auction houses to its market

ArmInfo. On March 20, the Armenian government approved a legislative package regarding the organization of cultural auctions. As stated by the Minister of Education,  Science, Culture and Sports (MOESCS) Zhanna Andreasyan, the draft law  aims to introduce tools and mechanisms in the cultural sphere that  will enhance the significance of cultural activities in both public  and economic life.

As noted in the explanatory note to the document, there is currently  no law on galleries and cultural auctions in Armenia. Additionally,  there is no assessment system in place based on expert criteria. This  lack of regulation means that the banking system does not consider  art as a stable value and does not see gallery owners as  borrowers.  Without this structures in place, participants in the sector are  unable to ensure financial turnover and develop, as well as form a  business environment. Therefore, in country's cultural policy or any  state document there is not even a definition of a cultural auction.  Efforts are being made to establish art management practices in  Armenia, making this project crucial,  otherwise the actions of the  gallery owners, art dealers, investors and market designers will not  yield the desired results.

If the project is adopted, an objective pricing policy will be  implemented  justified on factual basis. This will create an  opportunity for Armenia to enter the global market of cultural  auctions. All opportunities will be used to create and foster a  dialogue between Armenian and foreign artists, gallery owners and  critics, a dialogue that is currently lacking. It is planned to   attract prestigious international auction houses to the Armenian  market. This will help establish new institutional ties between  Armenian and foreign artists, integrate Armenian culture and creative  industries into international markets, and enhance recognition of  Armenia. The legislative initiative introduces new concepts such as   cultural auction, auction house, etc.