DEALING IN SPLENDOUR. A History of the European Art Market

With its dealers, eminent institutions, and mysterious workings, the art market

has long fascinated those on the outside. Now with its latest exhibition, “Dealing

in Splendour: A History of the European Art Market” (30 January to 6 April

2026), the Liechtenstein Garden Palace is presenting a groundbreaking show

that lifts the curtain on the various forces at play in the art trade. Major loans

from international collections – including paintings by Titian, Rembrandt,

Monet, and Klimt – will swell the ranks of stellar works from the Princely

Collections themselves – such as sculptures by Giambologna and paintings by

Brueghel, Van Dyck, and Canaletto – to make this a thought-provoking history

exhibition and visual feast at one and the same time.

“When it comes to sealing the reputations of certain artists, the art market has been just as

important as the writings of art critics and art historians themselves,” says Stephan Koja,

Director of the Princely Collections. “Market activity rests on the commercial value of

works of art, and market demand for particular artists determines their recognition –

including among critics. Understanding these dynamics is essential for discerning how

artists become appreciated and maintain their careers. That’s why with this exhibition we

are deliberately bringing the art market – often perceived as shadowy – into the

spotlight.”

The curatorial team at the Liechtenstein Princely Collections has charted the development

of the European art trade from Greco-Roman antiquity to the Italian city-states of the

Renaissance, the Dutch Golden Age, all the way up to the sensational exhibits and

transatlantic deals of the 19th century.

As a result, the exhibition clearly reveals that many features of today’s art market are, in

essence, thousands of years old. Because a handful of cities and countries set the trends that

subsequently became established practice elsewhere, the exhibition gives each of these

centres of innovation its own gallery, allowing visitors to take a closer look at the advances

that emerged there. This makes it possible to trace how the art market shaped not only the

distribution of art objects but also the transmission of art forms and styles and art history

itself. Both the first-documented European art collections and the earliest record of a lively

art market date from Hellenistic Greece. And later, in the Roman Empire, the affluent

citizens of Rome displayed a pronounced interest in acquiring Greek art.

During the Renaissance, artistic production in Florence was driven by official commissions

and powerful patrons. Neri di Bicci produced large-format altarpieces and Giambologna,

for example, made an equestrian statue of Ferdinando de’ Medici, preserving his likeness

for posterity. Parallel to such high-profile commissions, however, artists created terracotta

reliefs and small devotional images for private use – works that, thanks to serial production

and the efficient division of labour within the workshop, were considerably more

affordable.

In 16th-century Antwerp, there emerged a free market that saw works being produced in

their thousands and marketed to the general public in the so-called Schilderspanden

(painters’ stalls). Over the course of the following century, merchant families began trading

artworks on a global scale for the first time. This period also saw the start of artists

specializing in particular genres, a labour-saving practice that made art accessible to the

aspiring middle class. Despite this opening-up of the art market, a portrait by Rembrandt

van Rijn or Anthony van Dyck, or a flower still life by someone of the calibre of Rachel

Ruysch remained the preserve of wealthy collectors. The panel painting, “The Gallery of

Cornelis van der Geest”, a key loan from the Rubenshuis, portrays the successful spice

merchant surrounded by his extensive collection. In the north, the Dutch “Golden Age”

brought about an unprecedented boom in artistic production.

The professionalization of art dealing and the rise of auction houses in Paris and London

marked another step in the evolution of the art market. James Christie founded the auction

house that still bears his name, widely known today for spectacular, headline-grabbing sales

and record-breaking prices. During the French Revolution, opposition mounted against the

Académie royale de peinture et de sculpture, which had the last word on accepted artistic

taste and production. Over the course of the next century, some dealers championed

alternative exhibition opportunities to rival the Paris Salon and bolster the careers of

marginalized artists such as Jean-Baptiste-Camille Corot, Henri Rousseau, Gustave

Courbet, and Charles-François Daubigny. These dealers became pivotal intermediaries who

shaped new tastes and helped nurture the emerging art market in the United States.

One exhibition highlight is Claude Monet’s “Grainstack, Sun in the Mist” from the

Minneapolis Institute of Art, shown alongside three other masterpieces by the artist.

Monet’s practice of producing works in series marked a turning point in modern art, and

such a blend of artistic independence and commercial strategy was crucial in redefining

how modern artists saw themselves and the value of their art.

Meanwhile, in Vienna at the turn of the century, the Secession introduced innovative sales

strategies and staged elegant exhibitions of its members’ works that stood in striking

contrast to the academic styles, crowded ‘salon hang’, and dissonant displays that had

previously dominated at the Vienna World’s Fair of 1873. The exhibition features an

outstanding example of this new development, in the form of Gustav Klimt’s “Nuda

Veritas”

For more details and visit: www.liechtensteincollections.at