The Art Market’S New Frontier: Shifting Trends And Emerging Collectors
Date
9/23/2024 5:00:07 AM
(MENAFN- The Rio Times) The art world is witnessing a generational shift in collectors, reshaping buying habits and motivations globally.
Artsy's recent survey , comparing trends from 2022 to 2024, reveals fascinating insights into this evolving landscape. Political uncertainty has rocked various markets worldwide, including the art trade.
The effects of ongoing conflicts and governmental instability continue to ripple through the industry. Auction houses have felt the pinch, with revenues dropping 27% compared to last year.
Despite these challenges, the art market shows signs of resilience. Buyers are reporting increased purchases or intentions to buy, surpassing last year's figures. This uptick hints at a potential recovery in the latter half of the year.
While traditional galleries and fairs remain trusted venues, online art purchases are gaining traction. About 80% of surveyed collectors have bought art online, with younger buyers leading the charge. This trend signals a growing confidence in remote art acquisitions.
Interestingly, younger collectors are allocating more of their budget to online purchases. 42% of them spent over 75% of their art budget online last year, compared to 29% of older collectors.
The Art Market's New Frontier: Shifting Trends and Emerging Collectors
The survey also highlights differing motivations between age groups. Younger collectors are more likely to buy art to build collections and support artists. They also show a stronger interest in emerging artists, with 53% prioritizing them in their collections.
Negotiating discounts remains a common practice in the art world. Most collectors reported securing discounts between 11% and 20% on artworks in 2023. High-budget buyers were particularly successful, with 88% negotiating some form of discount.
Despite market fluctuations, the frequency and size of discounts have remained relatively stable since 2022. This stability suggests a gradual recovery in the art market , albeit still affected by ongoing global challenges.
In conclusion, the art market is evolving, with online sales and younger collectors shaping its future. As the industry adapts to new trends, it continues to demonstrate resilience in the face of global uncertainties.
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