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.