As this art market began to grow and be attractive in several auction houses emerged in Portugal and associated themselves with this aspect of interest in the contemporary art market, mainly from 2000.
Auctions are essentially a framework of economic reference on the state of the art market. Its activity is public, open and publicized, serve as guides to assess the quote of the artist.
Mainly specialized in the commercialization of art, ancient or modern, the auction houses have been ensuring their way into contemporary art in recent years.
The Palácio do Correio Velho Auction House was established in 1990. Currently beyond the Palácio do Correio Velho and Cabral Moncada, in Lisbon, World Legend (Leiria & Nascimento), S. Domingos and Marques dos Santos, in Oporto, are some which operate in this market.
Pedro Alvim states that in 1996, when Cabral Moncada Auctions was created, it was a very residual company. I came here in '99 and was a firm as at the beginning, very small. In fact the modern and contemporary art was completely residual. The first auction of modern and contemporary art was held in 2007 and from there make an annual auction only to the market for modern and contemporary art.
The auction houses that have traditionally existed in the Portuguese market until 2000-2002 were devoted to the antiques market.
Fernando Santos believes that currently the auction houses and galleries collide, there are a lot of offer, there are those who sell low prices by necessity, but some use auction houses for “strategy games “. Built up some artists like that, but it happens more in the international market.
Hargreaves, Manuela – Colecionismo e Mercado de Arte em Portugal, O Território e o Mapa. Porto: Edições Afrontamento, 2013.