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Havana's apartment-galleries have been vital venues for the city's art scene since the 1990s, hosting art exhibitions, workshops, and conferences. In the context of Cuba's limited art market and dearth of cultural institutions with international reach, these residential spaces have offered artists a unique opportunity to display their work and to connect with international art circuits. Focusing on the histories of three specific apartment-galleries - El Apartamento, Estudio Figueroa-Vives, and Avecez Art Space - this chapbook reflects on the complex interplay of the local and the global in the 'worlding' of cultural institutions.
The record-breaking prices observed in the art market over the last three years raise the question of whether we are experiencing a speculative bubble. Given the difficulty to determine the fundamental value of artworks, we apply a right-tailed unit root test with forward recursive regressions (SADF test) to detect explosive behaviors directly in the time series of four different art market segments (“Impressionist and Modern”, “Post-war and Contemporary”, “American”, and “Latin American”) for the period from 1970 to 2013. We identify two historical speculative bubbles and find an explosive movement in today’s “Post-war and Contemporary” and “American” fine art market segments.