Art Auction Market – Let’s Talk about Fine Arts!

26 November 2019

Art is more than a picture hanging on the wall. It builds a deep experience that resonates with consumers. People have been queuing up at auction houses since 17th century, however, the 21st century modern-day people are reaping the benefits of digital pleasures, as several galleries are hosting online art auction, thereby generating a decent noise.

Art depicts unique thoughts, perceptions, and out-of-the box portrayals beyond our imagination that consumers are left awestruck and tempted to buy.

The global fine art auction market drives the entire art auction market. Let’s explore a few fine art categories:

Post-war and Contemporary Art: This category is about two decades old and has already grown considerably under the fine art segment. Although the value is going up, the segment has witnessed a decline in terms of volume.

The contemporary segment is among the most coveted art space on account of increasing cultural relevance, backed by a strong financial potential. The post-war market is challenged by a huge demand but faces a shortage of supply, thus driving up the price of favorite artists.

  • In terms of value, the US leads the fine art auction market; China, on the other hand, accounts for the highest share in terms of volume as Asian artists are witnessing a high demand for contemporary artefacts
  • The German post-war artists are likely to witness strong international demand
  • The fine art market has seen progressive growth in female artists, artists of color, and more unheard-of artists.

Read: Art Auction Market- Global Outlook and Forecast 2019-2024

Impressionist and Modern Art: The demand for impressionist art types has always been on the broader side. The UK and China lead the market in terms of value.

The US leads the modern artwork while the UK and China have also shown positive growth. Leading artists of this segment have witnessed high-end sales than other segments.

  • A sale of a Monet painting for over $100 million suggests that the market is finding more appeal in this segment.
  • British Modern Art has particularly rebounded as collectors from Asia and the US are fast gaining popularity.

Old Masters Art: This art segment is dominated by European artists. Over the last decade, old masters art was struggling to cope in the market. However, in the recent past, this segment has rejuvenated due to the efforts of the young generation of dealers, which are creating a community of collectors via social events, thereby influencing a positive shift in the market.

In addition, auction houses have conducted networking events by partnering with popular fashion brands and interior designers to create relevance to old masters.

  • China is the largest market for this type of fine art auction, followed by the UK.
  • The market is also being stimulated by a several collectors in Western and Eastern Asia and the Middle East, which is expected to bolster the demand among international collectors.
  • Italian Old Masters paintings are becoming more popular than before as collectors from Italy have begun putting up their collections due to weak economic climate

How AI and Big Data technology are Changing Purchase Behavior in Art Auction Market? Read Now

Photography: Vernacular photography is likely to drive the market as it attracts younger collectors and acts as a point of discoverability and accessibility. Techniques and stories have also played a key role in the value of photos.

The appreciation for prints that are created through pioneering photographic techniques, which vanished, such as the silver gelatin process when inkjet prints came into the picture have gone up as well is anticipated to grow.

  • Photography enthusiasts see value in auctions, thereby driving a new influx of buyers, as a result, the market is likely to witness growth
  • There is an increasingly diverse market for collectors and are usually interested in collecting things from a variety of sectors such as graphic arts and design, contemporary art, antiquarian, and books

Request for your free sample now!Prominent Vendors

  • China Guardian
  • Christie’s
  • Phillips de Pury & Company
  • Poly Auction
  • Sotheby’s

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