Increase in Reigns of Artificial Intelligence and Big Data Technology in Art Auction Market
Arizton’s recent market research report on the global art auction market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The study segments the market by channel (offline and online), price (top-end, medium-range, and low-end), product (fine art, decorative art, and antiques), and geography (APAC, Europe, Latin America, MEA, and North America).
The global art auction market is expected to reach over $38 billion by 2024
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Over the last 25 years, there has been market growth in the cultural sector fueled by the strengthening of the emotional and social value of art. What was thought to be reserved for one small club of some super-rich people has now democratized. The global profile of art has shifted from being dominated by western cities to a wider more diverse audience in Asia, the Middle East, and Africa.
Art as an Investment
In modern societies, art has emerged as a means of investment. While art auctions have largely been reserved and earmarked for the super-rich segment of the society, globalization has led to increased knowledge about the art space being a collectible market, thereby developing new conversations and narratives. From a financial perspective, art is similar to real estate. It has high transaction costs, incredibly diverse properties, slow price evolution, and low liquidity signifying that it can offer a fair share or returns over the medium-long term periods. Long-term holding that is upward of 15 years has shown to offer the best capital gains increasing interest in the same.
Increase in Reigns of Artificial Intelligence and Big Data Technology
As the art market is unpredictable, highly volatile, depending on research and knowledge, and held by the rein of taste, emotions, and human subjectivity, it makes for predictive AI a compelling reason to harness the potential of big data technology. Therefore, several online marketplaces and auction houses are using these technologies to support artists in selling their works and assisting collectors with finding pieces they would like to purchase. Artfinder, an online marketplace for art uses Emma, an AI Twitter bot that aids with discovery and offers recommendations based on the guest’s budgets.
The Rise of Female Political Artists
While there persists a perception in the art world that female artists can’t go beyond delicate, light-based off craft, domesticity, or flowers, this opinion is fast changing with both meaningful and political women artists are increasingly appearing on the horizon. The number of women that qualify as artists has grown. Women’s work in Sciences, Arts and Politics are being rediscovered, and there is an increased consciousness for female artists. Therefore, many art galleries, auction houses, and museums have organized shows focused on female artists over the past couple of years.
Contemporary female artists are witnessing momentum as well. While there has been an increase in the volume of demand for art by women, there is still a discrepancy with regards to the value attached to them. Joan Mitchell’s Blueberry sale, Christie’s in New York sold a David Hockney (living male artist) portrait for $90.3 million, demonstrating the disparity in prices.
China Guardian, Christie’s, Phillips de Pury & Company, Poly Auction, and Sotheby’s are identified as prominent vendors in the art auction market.
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The complete overview of the latest market research report on the global art auction market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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