7 Art Industry Trends to Keep an Eye Out For
When it comes to trends, there isn’t an industry that doesn’t have ebbs and flows throughout the year. Fashion goes through different changes every year, movies gain popularity around certain times, and the art world is no different.
Every year brings a whole new host of art market trends and some of them may surprise you. What are the biggest art market trends you should have your ear to the ground for?
Millennials in the Art World
Over the past few years, there have been plenty of headlines speculating that millennials have ruined yet another industry. Everything from real estate to napkins has been damaged by those with the catchy generational name.
But when it comes to art, millennials may actually be positive participants.
According to recent figures, millennials make up almost 50% of art collectors around the country. Expect this to be a trend that rises over the next few years (as something we’ll jump into later).
Name Recognition is Still Important
Ask a casual art lover to name a few famous artists, and they’ll probably mention Monet, Picasso, and “that guy that cut his ear off.” We may not have a modern Van Gogh, but name recognition is still a big deal.
In fact, recent studies have pointed to more than just a name. Place of birth, experience, gender, and even skin color can surprisingly play a significant role in a piece’s value.
While you may not land your hands on a Picasso, you can still expect to hear some big names being thrown around.
The Digital Art World
While we still may be a ways away from selling priceless works of art through eBay or Craigslist, the rise of the internet has had a profound impact on the art world.
Plus, with COVID locking everyone indoors, galleries, auction houses, artists, as well as us here at Gray’s had to find creative ways to reach audiences.
Many galleries and museums offered virtual tours via the internet and through VR. This was something we saw a lot more during the beginnings of the COVID pandemic.
Plus, artists are able to connect with patrons all over the world through their social media channels. It’s now easy to find that perfect painting no matter where you are.
More Women in Art
While depictions of women in art have traditionally achieved significant value at auction, female artists across the centuries have not enjoyed the same fame for their work as men.
We hope that will change over the next decade.
The past 10-20 years have seen a rise in the visibility of female artists, gallerists and auctioneers, however there is still a long way to go before we achieve parity with our male counterparts both in visibility and pay.
A Potential Flood of Wealth and Art Buying
Over the next 25 years, $68 trillion is expected to pass down to children and grandchildren from parents and grandparents around the country.
That’s right…trillion. With a ‘t’.
Not all of that is going to be straight cash and much of it will be possessions such as real estate, household decorations, family heirlooms, jewelry, and fine art.
While plenty of people may keep that art, there’s just as big of a chance that people will look to sell that art.
Or, it could go the other way. With millennials collecting more and more art each year, there could be more collectors entering the field. It might get competitive!
More Art Fairs
We often think of the fair as being nothing but Ferris wheels and funnel cakes, but art fairs are becoming more and more popular each year. In 2019 art fairs across the globe recorded their highest participation ever. We expect art fairs to re-establish their pre-eminence in 2021-2022 when Covid-19 restrictions are lifted.
Private buyers were already connecting with established galleries at art fairs, but they’re now also seeing new galleries making a splash exhibiting and selling their art.
In fact, both large and small galleries are reporting around 50% of their profits come from art fairs. While they may have not been on your radar before, they should now.
Online Auctions
Even though the COVID pandemic has kept people from doing their favorite things, it hasn’t kept them away completely. Businesses and organizations have rapidly moved to a virtual world in order to offer entertainment and information for clients.
Art collecting is no different.
While nothing can replace an in-person auction, online auctions are now more and more popular around the country.
Gray’s is also in the online world. If you have an item you’re interested in selling, check out how you can get a free evaluation, or check out our upcoming auctions.
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