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Cultural auctions play an important role worldwide. They boost the development of mechanisms and tools for selling works of art, and the formation of the art market. The RA Deputy Minister of Education, Science, Culture and Sports Alfred Kocharyan said this. According to him, the cultural auctions are important platforms, which form and reflect the movement of the art market. “At present, the field of cultural auctions in the Republic of Armenia is not well-established, which has a negative impact on the development of the overall art market,” the Deputy Minister underscored and added that the processes of buying and selling works of art are not regulated.

According to the rapporteur, there is a lack of the ecosystem of cooperation between art galleries, auction houses, and artists, which is of great importance for the dynamic development of the general art field, increasing the artist’s reputation, and shaping new trends in art.

As Alfred Kocharyan informed, the adoption of the law On the Organization of Cultural Auctions lays the foundation for the establishment of the field of cultural auctions in Armenia. ՞The adoption of the draft will ensure the introduction of new economic mechanisms in the art market and the establishment of a general environment, which will contribute to the popularization of contemporary artists, the appreciation and expansion of circulation of works of art, the establishment of new standards of supply and demand and the pricing of cultural values, as well as the reduction of shadow circulation,” the Deputy Minister said.

It was noted that the adoption of the law will also create an opportunity to attract prestigious international auction houses to the Armenian market, which in turn will contribute to the formation of new institutional ties between Armenian and foreign artists, gallerists, and critics.

The representative of the Government answered the deputies’ questions, which referred to some provisions established in the law on the Organization of Cultural Auctions.

The package of draft laws On the Organization of Cultural Auctions and related laws was debated in the first reading at the April 29 sitting of the Standing Committee on Science, Education, Culture, Diaspora, Youth and Sports and was endorsed.

The Committee Chair Sisak Gabrielyan noted that the initiative will be debated with specialists and experts of the field from the first to the second reading.