February 16th, 2012
11:51 AM GMT
Share this on:

Istanbul , Turkey (CNN) - After being virtually ignored at home and abroad for decades, Turkish modern art has become a valuable commodity, sought after by international and Turkish collectors.

London’s Sotheby's auction house held its first ever auction of Turkish modern art in 2009. The auction grossed more than $2 million dollars: the next year, those numbers, nearly doubled.

Dozens of new art galleries have sprouted up in Istanbul in the last few years. Industry insiders say a big part of what's driving this growing art market is the rapid growth of the Turkish economy, which has more than doubled in size over the last 10 years.

About Business 360

CNN International's business anchors and correspondents get to grips with the issues affecting world business, and they want your questions and feedback.

Powered by WordPress.com VIP