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Filmed at Christie's King Street on 27th May 2014.

New York, Miami, Basel and London: every year curators and collectors flock to these cities to see and snap up the latest works. In recent years, art cities have also been burgeoning in Asia and the Middle East. Museums are being built, collections and art collectors assembled, gallery branches opened, art fairs launched -- and the worldwide art market is taking note.

But what really defines a successful global art capital? Is the art world shifting its attention from the West to the East? Is it all about the number of museums and fairs? Are resident artists essential? If so, whose role is it to support and build that artist community? Should the state pay for arts education and the upkeep of its cultural institutions? Art museums have become increasingly successful at plugging the gaps left by the state and attracting donations from corporate and private donors. But does accepting money from private patrons dilute their independence?

To answer these questions, we brought together a panel of world-leading artists, curators and critics to discuss what makes for a successful art capital today. Drawing on different cities as examples, they debated what lessons we can learn from established hubs, and how emerging markets with their nascent but thriving and creative art scenes, might shape and define the art world in the future.