Big trends affecting the art market in 2020
The art market is slowly becoming digital
Today, thanks to the digital revolution, artists are becoming more and more independent by selling their artworks through online platforms. In this context, the art sector is facing major challenges. With the rise of Internet and Smartphones, it must adapt to consumers and artists always evolving behaviours, demands and needs.
Social networks and new online platforms provide artists with opportunities for showing and selling their works independently in a global art market. Consumers are spending more time on the Internet, seeking interactive and collaborative experiences through social networks, and may not necessarily want to visit art galleries or museums. These new consumers have more choices and need more interactivity than ever before. Therefore, they are willing to become actors rather than spectators. For example, the Japanese collective TeamLab uses AI to create a 100% immersive and interactive experience to the visitors. The spectator becomes a co-creator since he can live interact with the digital images and scan his own drawings in TeamLab’s immersive world.
This evolution results in a real change in demand that is linked to the digital revolution and new technologies. Indeed, the consumer goes less to art galleries to watch or even buy artworks. Consumers are looking for a new experience that takes into account their consumption behaviours. Slowly, the art market is becoming digital. Artists want to become independent and buyers want easier access to the product. For example, the Parisian start-up and online art gallery Singulart founded in 2017, raised 2.6 million euros to date. Its mission is to democratise art and make artists independent by providing them with tools to promote themselves and manage their artworks sales. Singulart is convinced that digital technology is a great tool to bring transparency and equity to the art market.
Indeed, several trends are shaking up the traditional art market structure: online art galleries (Singulart, Taiko), crowdsourcing (Feral Horses or Monart) and also collectives such as Young International Art Citics who want to make critique accessible to a wider audience. Read below to find out more.
My selection of must-follow art trends in 2020
Crowdsourcing is used by Feral Horses, a UK-based online investment platform where people can buy shares of masterpieces, such as Banksy’s artworks, as little as 0.01% for only 10 pounds. By allowing everyone to invest in art, Feral Horses’ ultimate goal is to make art investment accessible to a wider audience, something that has not been the case until now.
Taiko is the biggest online art gallery selling original Finnish art worldwide. Its goal is to democratise art by selling it to a wider audience that doesn’t necessarily have an artistic education. The platform connects artists with buyers. At the same time, Taiko provides its carefully selected artists with management tools to promote and sell their works. By strategically focusing on online commerce and social networks, Taiko makes art buying accessible to a modern, non-elitist clientele. Artists and their works are also featured on Instagram, offering price transparency and easy online purchasing procedures.
Young Art Critics International is an international confederation and online art magazine founded by young french critics Grégoire Prangé and Camille Bardin. In opposition to confusing and incomprehensible critiques found in museums or art galleries, YACI’s goal is to make art critique more accessible to people.