Digital technology is an integral part of our daily lives. Even touching traditional sectors like the art world. During the last 5 years, we have observed a digitalization of the art market.
The art market, a sector in constant evolution
In the digital age, art is everywhere and has become part of our daily lives. It is photographed, broadcast, viewed and shared. From a purely commercial point of view, art is truly influenced by digital technology through its exposure on social networks. This has the positive effect of reaching a wider, younger and international audience.
The coronavirus and the successive confinements have accelerated an already well established trend. Virtual exhibitions and podcasts are the new ways to visit a museum. Naturally, the art market follows this trend. Smaller art galleries have been forced to adapt to a new type of screen-based buying.
Some figures
In 2019, the art market recorded a 5% drop in global sales, including -5% for the United States and -10% for China. Conversely, online art sales are only increasing year after year.
In 2019, online art market sales accounted for $4.8 billion, up 4% from the previous year, according to Artprice. It is one of the best-rated sectors on the stock market because year after year it is growing by leaps and bounds.
The future of the online market
To give a new horizon to this market, some fairs have moved online. For example, in 2020, Art Paris partnered with the international art platform Artsy, allowing the purchase of more than 1000 works online. This has allowed hundreds of modern and contemporary art galleries to meet a new type of audience.
Major auction houses such as Christie's, Sotheby's and Phillips are expanding online. They have reserved certain auction rooms for online buyers. They totaled $370 million in online sales in the first quarter of 2020.
The impact of social networks is allowing this market to really take off, attracting an amateur audience but also buyers from all over the world. The democratization of the art market has made it accessible to the less knowledgeable. It is a new showcase and a real incubator for new artists.
Nevertheless, many challenges for the future are offered to this sector, the logistics, the transport of the works, the authenticity and the notion of appreciation.
At KODDLab, we accompany you in the digitalization of your company. We offer different services: creation of your brand image (design, personal branding and co-branding strategy) and the implementation of your artistic direction (visual arts, graphic and artistic realization, styling and visual and audio creation).
