The Art Market in 2020
Miami— February 07, 2020—The Contemporary art market keeps expanding and evolving. According to ArtTactic’s recently released Global Art Market Outlook 2020 report, younger contemporary artists saw auction sales jump 93.4% in 2019, signalling the art market’s appetite for new talents in an increasingly top-heavy market. The report states that this trend is likely to continue seeing positive growth in this segment in 2020 . The shift toward younger artists could be a sign of a broader disconnect in the global art market. Findings from ArtTactic’s Top Artists Report 2019, show that the Top 100 post-war and contemporary artists, which represented 10% of the artists selling at auctions, accounted for 89% of the $2.2 billion auction sales in 2019. Has the art market become too dependent on the selective few, and does this trend resonate with the next generation of collectors?
In the last couple of years, much has changed in the art world. We’ve seen galleries and auction houses downsize their physical footprint, online sales break artist records, monumental shifts in the consignment business, and new currencies used to buy and sell art. According to Artsy’s Gallery Insights 2020, this year, 1,000 art businesses across the world—large, small, old, and new—reported investing more resources in their online presence, and building digital strategies that they feel align with their changing business needs.
With the art market faced by potentially transformative generational changes in the coming decade, the shift in focus toward a younger and more diverse group of artists, and the way in which people discover and purchase art, could be early signs of a broader adjustment taking place.
Tresart keeps evolving in this changing environment to better serve our clients by transforming our business model, focusing on a stronger online operation, and offering an increasingly diverse roster of artists.
If you’re interested in learning how Tresart can help you navigate the art market, contact us by clicking here. We’ll be happy to serve you.
Photo Kevin Hagen for The New York Times