Art as a business has been occupying a significant spot in the market for quite a while. As more and more investors recognize and value fine art, investing on art is becoming a popular trend. The last couple of years mark the rise of online trading too and if you are considering starting such an adventure make sure you have a reliable software on your side – Fintech Ltd could be such a helping hand for you.
2016 was a tricky year for Investment in the arts. There were a lot of unpredicted ups and downs. Some artists saw a tremendous increase in their auction prices. Some art galleries were total sell-outs. So how would 2017 be in the art market? Will art businesses and artists see any big changes this year?
Here are some factors that would impact the art market trends in 2017:
Popularity Of Contemporary Art Forms
There have been several types of art that have become famous over the years. Contemporary art is one such form and is trending in the investment circles. In the recent years, several auctions saw marked growth in the sale percentage of contemporary art works.
In the last decade, the sales of contemporary art works have gained prominence. It has also given rise to many new artists that are adept at contemporary art works. Young investors prefer contemporary artwork to adorn their living spaces as they feel more connected with this form of art.
Emergence of Online Galleries
In the past, an art gallery was the only platform for an artist to display his exhibits. But not all investors could travel across the world to find that best piece of art for their investments. This has now changed with the advent of online auctions.
With online art businesses, the way people sell art has been revolutionized. Almost everyone owns a smartphone and stays connected to the internet. So one has the power to view and buy art work from any corner of the world without having to travel all the way. The trend of selling art online and the growth of online art businesses has improved the financial status of art industry in the global market.
Online art galleries, online bids and auctions where people from every corner of the world could participate, increases the number of bidders. This also improves the chances of reaching the potential investors. This is a win-win situation for the artist, the investor who publishes his art, and the art lover who buys the art work too. Similar is the case with photography, submitting photos to global photography websites have become really easy.
Globalization Of Arts
There was a time when art industry was thriving in the west while several other nations had not actively participated in it. But now, there is a large global market for art. For example, Russian arts have seen significant investments in the past few years.
In the East, there is a noted growth in the art businesses and the encouragement offered to the artists. This is a significant game changer. There are several new contributors and unique art works in the display now than ever before. Another significant improvement is the age group of the audience for the art market. Even the younger investors have now started showing a genuine interest in art and this indeed promises a bright future ahead for art as investments.