What’s the future of the art industry?

What's the future of the art industry?

The global art market is expected to grow from USD 455.37 trillion in 2022 to US$ 795.63 billion by 2026. This market is expected to grow rapidly in the future. This industry generates revenue from entry fees, royalties, art galleries and theaters.

Reeves Art + Design Gallery is home to top Houston art dealers. It is located in Houston’s Montrose/Midtown district. They were established in 1969 and have been selling fine art for more than 50 years.

There are more than 5,000 paintings from international, local, and contemporary artists on display. You can search for art dealers near you in a well-respected gallery such as this.

The property also has a 10,000 sq ft area available for rent to host art exhibits. Artists can get enough exposure to make contact with potential art collectors from this location.

The gallery has hosted many events over the years including fashion shows, culinary affairs and project launches. You can organize gatherings or other activities in the space.

Are you interested in the factors that increase the revenue of art dealers’? Here are some ways to increase the revenue of art dealers.

Consistent Preferences for Collectors

Contemporary and post-war art has seen a surge in popularity and accounted for over half of all sales in Q1 2022. In the US, auction sales of contemporary art generated a lot of revenue ( USD 592 millions in H1 2022).

Collectors are also interested in ultra-contemporary art. Record sales at Marquee in this market indicate growth, but also suggest that preferences are changing.

Art will Remain a Major Investment

An investor can diversify his portfolio by investing in artworks. This industry is attractive to investors because it doesn’t depend on the financial markets and art is a more reliable investment.

The global turnover from fine art auctions increased 8.8% in H1 2022, despite another wave of COVID-19. The average return for contemporary art has been 7.5%, while that of the overall art market is 5.3%.

New Tastes for New Buyers

In 2021, more than 30% were sold to art dealers by new buyers. These buyers are primarily millennials and have new tastes. These collectors were drawn to artworks with a political or social message, as demonstrated by the Marquee sales.

Continued Growth in the Print Market

Print market is also being positively impacted by the rising interest of collectors for socially relevant works from artists. The pandemic has led to an increase in demand for this medium over the past 2 years.

Because art lovers are at home and cannot visit galleries in person, it was easy to find prints online that they can buy. Nearly two-thirds (or more) of new collectors came from online sources in 2021. Prints are still in high demand, even though we may be nearing the end of the pandemic.

New collaborations are likely to be established between artists, collectors, galleries, auction houses, or auction houses as we return to normal.

You might also like