by student13
Hey guys!
So, I came over an article from artsy.net about changes and the future of the contemporary art market. This is quite interesting, especially for our younger generation of artists and I wanted to share with you and comment on what kind of changes are the market going through and a bit of what to expect in the future.
We live in a world of digitalization, right? New technologies have made changes in every field and the art industry is not an exception. Here is a bit of what’s happening right now:
Consumption in art markets have been increased thanks to new information and communication technologies. Internet is now the greatest tool for global operations and creation of new business models. Art institutions are engaging with social media for displays and promotion to provide a richer experiences for buyers and audiences. The greatest transformation is that artistic production and consumption are no longer tied to the cities. Instead, the globalization of art markets has reformed the relationships between artists, buyers, audience and institutions and made them more connected online.
Now, what kind of impact do hey have on the market today? Let’s look further into the changes.
They are quite big for the actors. Artists are focusing more on self representation and separating themselves from galleries. Yes, they still work with them, just that they are not that bounded anymore. Why? Because of the increased popularity of online platforms. They create their own websites, constantly grow the number of their followers and sell their work online. The growth of online marketplaces have made the auction houses shrink and the collectors, who buy their art, have become more profit-oriented instead of going after the creative and artistic.
Basically, this means that the focus on talent and aesthetic pleasure has been replaced with focus on marketing and formulas. Social media and online presence have a stronger influence in comparison to the career of an artist. As I mentioned earlier, the focus is now more on the economic rather than the artistic and the fast changes are creating struggle for the actors to adapt.
Finally, let’s talk a bit of what to expect in the future..
According to the experts: in the next 10 years the amount of digital tools will grow and the gallerists will continue to scale back. They will be challenged to adapt and be forced to come up with new strategies and also may allow them tot operate without a physical space. Innovations in technology will continue to impact on how the collectors experience and buy art.
Although, the changes might come around as something slightly negative, the market will grow which means there will be a lot of new opportunities as well. The key is to learn how to adapt and hopefully, collecting art will still remain as something adventures and deeply valued.
Sources:
Samdanis, M. (2016). “The impact of new technology on art”. In J. Hackforth-Jones, I. Robertson (Eds.), Art
Business Today: 20 Key Topics, London: Lund Humphries, pp. 164-172
Freeman N. (2018). «The 25 rising power players who will run the Art market».
Artsy: https://www.artsy.net/article/artsy-editorial-25-rising-power-players-will-art-market
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