The Economic Power of Art: Contemporary Istanbul

Contemporary Istanbul (CI), which strengthens Istanbul’s position on the international contemporary art map, celebrated its 20th anniversary this year, proving itself to be more than just an art fair—a significant force shaping the city’s cultural and economic fabric. In a year when the global art market contracted by 12%, CI turned Istanbul into a magnet with record numbers of visitors and international participants. Held at Tersane Istanbul with Akbank’s 20-year main partnership, the fair brought together 52 galleries from 16 countries, 931 works by 579 artists, and a total of 54.320 visitors, achieving remarkable success.

At a time when the art market faces high costs, CI set a global precedent by offering concrete economic support to participating galleries. By covering customs bonds equivalent to 20% of the total value of works to be exhibited and providing free cargo support for artwork logistics through Turkish Airlines partnership, the fair demonstrated that it is not merely an exhibition space but a platform supporting the ecosystem. This vision, which CI Board Chairman Ali Güreli describes as “Unity of Strength,” reveals the aim to achieve collective success by combining Istanbul’s dynamics with international institutions. The reality that art revitalizes tourism, energizes hotels and restaurants, and elevates the city’s brand value shows that CI’s economic contribution extends beyond artwork sales alone.

GLOBAL STAGE WHERE BRANDS MEET ART

Contemporary Istanbul’s 20th edition served as an important meeting point for prestigious brands and institutions.

Focus America:The specially prepared “Focus America” program hosted leading American galleries including Amanita, Revolver Galería, Pontone / Friedrichs Pontone, Leila Heller Gallery, and Heft Gallery in Türkiye for the first time. This section also attracted representatives from major institutions such as the Guggenheim Museum, MoMA, and the Brooklyn Museum to Istanbul.

Akbank and Jannis Kounellis:The fair’s 20-year main partner Akbank presented the world premiere of a selection of oil paintings by Jannis Kounellis, one of the pioneers of Arte Povera, curated by Hasan Bülent Kahraman.

BMW Art Car Collection: BMW, distributed by Borusan Otomotiv, one of the fair’s co-partners, exhibited Alexander Calder’s 1975 first Art Car alongside Julie Mehretu’s latest work together in Türkiye for the first time, marking the 50th anniversary of the Art Car Collection.

Tosyalı Holding and Sustainability:Tosyalı Holding combined its sustainability vision with art by bringing together Seçkin Pirim’s neominimalist works produced with different materials with art enthusiasts.

LEGO Türkiye and Social Responsibility:LEGO Türkiye hosted works by Ece Ağırtmış, Eda Taşlı, Gökçe İrten, and Selin Tahtakılıç as part of the “This is Girls’ Work” project. Revenue from the exhibition will contribute to establishing play workshops for girls in disadvantaged regions.

MARKET APPROVAL:
SALES AND INTERNATIONAL INTEREST

The fair’s economic success was reflected in gallery directors’ comments. Moiz Zilberman from Zilberman Gallery noted they hosted foreign visitors of a quality unseen in recent years and made one-third of their sales to new collectors, while Pınar Akalın from Muse Contemporary emphasized that they opened an important market channel by introducing Turkish artists to foreign collections. Victoria Young, director of Revolver Galeria from Latin America, highlighted the fair’s global spirit and the dynamic atmosphere established with collectors. During the fair, works by international and local artists including Canan Tolon, Tony Cragg, Edward Burtynsky, Tracey Emin, and Takashi Murakami changed hands.

In its 20th year, Contemporary Istanbul not only presented an artistic feast but also demonstrated to the entire world that Istanbul remains a resilient and attractive center despite global uncertainties. Ali Güreli’s description of the fair as “a legacy left to future generations” was the clearest expression of this major organization’s long-term investment in Istanbul’s cultural identity and brand value.