  The modern expressions for polarization $\P$ and orbital magnetization $\M$
are $\k$-space integrals. But a genuine bulk property should also be
expressible in $\r$-space, as unambiguous function of the ground-state density
matrix, "nearsighted" in insulators, independently of the boundary
conditions---either periodic or open. While $\P$---owing to its "quantum"
indeterminacy---is {\it not} a bulk property in this sense, $\M$ is. We provide
its $\r$-space expression for any insulator, even with nonzero Chern invariant.
Simulations on a model Hamiltonian validate our theory.
