You should know truth.
This year's Art Stage Singapore will be closed for a long time and then newly opened. MCH Group, the parent company of Art Basel, acquired a 15% stake and refurbished it. Meanwhile, London's Masterpiece Fair abruptly canceled the event. MCH Group owns more than 65% of Masterpiece Fair.
In 2018, MCH Group announced its ambition to expand its influence worldwide. It announced its plan to keep its original character without changing the name of the local art fair to Art Basel. Looking at this situation as of 2023, it seems they are gradually dominating the art market around the world as planned. It acquired Paris FIAC and expanded its influence in Asia to Art Basel Hong Kong and Art Stage Singapore. In addition, it is exerting influence as the largest shareholder by increasing its stake in Masterpiece Fair. Art Basel plays a game of land unnoticed worldwide without having to put the name Art Basel.
Globalization has been a hot topic for decades, but the COVID-19 pandemic has made me think we should return to self-sufficiency and nationalism. However, domestic priority and supply chain reorganization were not all countries, but U.S. priority and US-centered supply chain reorganization.
Meanwhile, China has been the world's leading cryptocurrency leader, making the U.S., watching with its hands behind its back, worry. It's an absolute joke. New York City, the center of U.S. finance, is the most difficult to authorize cryptocurrency, so most exchanges were not even registered by the public, and crypto was rarely listed on major cryptocurrency exchanges. It was not until the FTX incident in 2022 that people began to know. That regulating investors may be protecting investors. Financial conglomerates and financial cartels push and nurture developers who work hard to meet their agendas and timing, create awful news, make management difficult, and eventually sell them cheaply. Among them are companies that are difficult to bankrupt, and the damage goes to small investors, not the company's representative. It is said that 'EDX,' a cryptocurrency exchange created on Wall Street in New York, will soon be launched in January 2023. The exchange's owners are Bank of America Citadel and others. While these things were happening, the U.S. government calculated the timing to make a regulation plan and put a spoon on the table. One of the Davos forum's main agendas, including President Yoon Suk Yeol, is a stablecoin. In time, Wall Street will set up its new exchange and release Stable Coins on the business. Then people will trust and use these new regulatory exchanges and stablecoins.
At the beginning of each year, the U.N. Future Report is published under the World Future Report. According to the book, politicians will become unpopular in the future and will be recognized as volunteer workers like the village head. This means that a nation's determination and power are weakened. I mean, almost all countries do that. Major powers such as the U.S. and China also say they will lose control as they split into several countries. Just as Russia was divided into the former Soviet Union, it could be divided into many branches. There is no law against American independence from Texas and Chinese independence from Tibet, which residents have already disputed. If a large country loses to a split, the nation's power will inevitably weaken. In addition, the demographic demise will accelerate, and global governments will be launched as the power of international organizations such as the United Nations and the Davos Forum expands. I've been reading this book for decades, but the idea now seems to come to mind is that these organizations want to publish a book and let people know about it not because of the perspective of prediction but because of their plans. It seems that it will take at least five to 10 years to see the truth of this content.
Let's go back to the art field. Korea had a narrow art market in Asia compared to its economic power. Last year, it seemed to establish itself as a new Asian art hub to achieving 1 trillion won in sales, but since the end of the year, liquidity in the auction market has decreased, raising the crisis. However, the entry of overseas global galleries and art fairs into Seoul shows that the Korean art market will grow in quantity and quality. Since the art market is long-term, it is not easy to enter only with temporary favorable factors. Overseas galleries would have made inroads into Seoul with long-term plans of at least five to 10 years. Economic growth in Asia, as well as in Seoul, is likely to turn upward. It will not be restored soon, but liquidity will begin to circulate as neighboring areas, such as Kazakhstan, are rebuilt after the Ukrainian and Russian wars. However, until the conflict subsides, the Korean Peninsula issue should be resolved along with the conflict between China and Taiwan. This colossal change, competition, and resolution will not occur anytime soon. However, among them, those who shine are the top 1% of the M.Z. generation with economic power. These young and rich people are shining and influential not only in Korea but also around the world. They have grown up with higher education than their parent's generation, have a heightened awareness of investment, culture, and arts, and earned economic freedom on their own. On one side, it is difficult to live without a golden spoon; on the other side, thanks to the development and change in technology, many people are becoming billionaires at a young age. Which side do you want to stand on if this polarization is inevitable?