The visual art market is undergoing a dynamic transformation, influenced by changes in consumer behavior and emerging demographics. As we delve into this transformation, the scope of this article is trends shaping the art-buying habits of the middle and upper-middle class, outside the realm of high-profile auction houses and international venues.
The Democratization of Art Buying
One significant trend is the democratization of art buying. Digital platforms and social media have made art more accessible than ever, allowing a broader audience to engage with and purchase art. This shift, highlighted in ArtNet News’ annual report (2021), has enabled emerging artists to reach potential buyers directly, bypassing traditional gatekeepers like galleries.
Whilst digital channels help artists reach a larger geographic market, the most successful artists also seek gallery representation and promote their work through special exhibitions and art fairs. These in-real-life experiences help artists build relationships with buyers and learn through conversational feedback.
A New Wave of Buyers
Interestingly, there's an emergence of a new demographic in the art market. As cited in The Art Market 2022 (Art Basel & UBS Report), young professionals, especially in tech and creative industries, are showing a keen interest in buying art. This group, often first-time buyers, prefers artworks that resonate with their personal taste and cultural outlook.
Another notable shift, as discussed in a recent study by The Contemporary Art Market (2020), is the evolution of buyers into collectors. More individuals are curating their collections with a focus on emerging artists, anticipating growth in value and reputation. This trend is about supporting and being part of an artist's journey, as much as about financial investment.
The new collectors are “investing” in art they believe will appreciate. The artist can build their reputation and appeal to collectors by building their resume. The artist’s resume gains credibility through winning competitions, PR about their work, and exposure in galleries and art fairs.
Art Trends Gaining Popularity
In terms of popular art forms, there's a preference for contemporary art reflecting current social and cultural themes. Abstract and conceptual art, digital art, and mixed media are gaining traction, a trend supported by findings in the Visual Arts Trend Report (2023). These genres offer diverse perspectives and innovative techniques that resonate with modern sensibilities.
Conclusion
The art market is more inclusive and varied than ever, providing fertile ground for emerging artists. These trends, as reflected in various industry reports and studies, show a changing landscape where art buying is a form of personal expression and cultural engagement. For artists, understanding these shifts is crucial in navigating the market and connecting with their audience.