The word "globalization" can be defined as the decline in costs of doing business internationally. One of its key effects is to enhance the international integration of markets for goods, services, technology, ideas, financial and other capital, labor, and even arts and crafts. The end of the Cold War and dissipation of centralized economic planning, the bane of socialist countries after the dismemberment of the USSR, and the successful adoption of capitalism by China as a vehicle of accelerated development have paved the way for worldwide capitalism which has set the stage for open world trade. Globalization affects a wide spectrum of economic and social life of a nation. It transforms trading patterns, finance, technological innovation, means and modes of communication, cultural patterns and patterns of governance, rate of employment, living standards, and the arts.
             Globalization is usually used in two different connotations, in the positive sense the word is used to describe the process of the ever-growing integration of countries and their economies and culture into the one economy and culture of the world. The word is used in a regular sense to lay down a process for the development of the regional or country's economy and culture on a level equal to that of the international community. Some people view globalization as a way for the progress of the lesser developed communities of the world and yet others see it as a lost cause. The way the art world conceives of itself finds out its treatment of globalization. Indeed, the usual understanding of the term "art world" betrays a set of prejudices under threat by the very global conditions the contemporary art world seeks to represent. In common manner of speaking, the "art world" signifies a society of individuals and institutions a social, cultural, and economic world organized around museums, galleries, and the art press and the legions of artists, critics, collectors, curators...