Millennials likely to Drive Demand for High-end Decorative Art Pieces in the 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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Art is no longer a picture hanging on the wall. It has a deep and broad experience that resonates with new-age consumers. Art auction houses are thereby dismantling to some extent their traditional practices and processes and engaging consumers by adding social elements to drive encounters, learning, disruption, and quality conversations.
The art auction market is divided into four major segments, including channel, price, product, and geography.
Top-end art segment generates the highest revenue in the art auction market
The art auction market is highly concentrated with low-profit margins and high risk. The seller holds the reins and is highly dependent on brand value and popularity. The UK, the US, and China have been the largest markets in all major segments. However, the widely acknowledged challenge with high-end auctions is that they make little revenue for art auction houses, and this challenge is only being worsened due to rapidly shrinking margins in recent times. In Europe, French art auction houses are on the top when it comes to the ultra-premium market for classical antiquities, classics, and design. Millennials are expected to drive the demand for high-end decorative art pieces with a low number likely to spend on fine arts. Therefore, several art auction houses are beginning to expand their decorative art lots.
Offline art auction segment to occupy a major share of the market
Offline auctions have become more diverse in terms of lots and are still expected to attract a major portion of revenues. Hong Kong, Japan, and South Korea are recording massive growth in the Asia market. The offline auction segment is the dominating segment as more than 60% of art enthusiasts are concerned about the lack of authenticity in online auctions. Also, serious collectors still rely heavily on human specialists and personalized recommendations from both emotional and intellectual perspectives in the offline segment. Art auction houses are transforming into ‘art business’ by offering advisory services to private clients as well as corporates. Collectors in the APAC region prefer buying offline at auctions over art fairs since art auction houses tend to offer expertise.
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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