Economy
ART UNIVERSE Event Generates Over 90 Million Baht for Thai Economy
The Department of Intellectual Property reports that the recent ART UNIVERSE event successfully generated over 90 million baht in economic value.
According to Khaosod Online, the Department of Intellectual Property (DIP) under the Ministry of Commerce has announced the successful conclusion of the 'ART UNIVERSE: Universe of Creative Arts' event, held from August 7 to 16. The event reportedly generated more than 90 million baht in economic value, highlighting the growing potential of the Thai art market.
A key highlight of the event was the auction of 12 artworks by both renowned masters and emerging Thai artists. This segment alone raised 5,045,000 baht, drawing significant interest from collectors and art enthusiasts. The DIP noted that this success reflects the high caliber of Thai artists and the increasing economic significance of the local art sector.
For residents and visitors, this event underscores Thailand's strengthening position as a regional hub for creative industries and art investment. Beyond the immediate economic impact, the DIP is currently studying the implementation of 'Resale Right' mechanisms. This policy aims to provide ongoing protection for artists even after their works change hands in the secondary market. While the economic figures from the event are confirmed by the ministry, details regarding the timeline and specific regulations for the proposed Resale Right remain to be finalized by the government.