Tuesday, January 20 2015
(Source: Mixed Media Installation by Pae White: Supertaster at 2013 Art Basel Hong Kong, photo by See-ming Lee )
Three major macro trends will continue:
The contemporary art scene dominated by the two auction houses, Sotheby’s and Christle’s, will continue to push art sale prices higher and higher and the art at the auction will become increasingly about the numbers rather than the art itself. At this level of play, the investment opportunities are created and maintained by the very few. They are mainly the hedge fund collectors, the super wealthy art investors and the powerhouse art dealers. They all gravitate towards similar things. Surprisingly (or not) the public who learns about these art sales also begins enjoying the same art and wanting to buy even just the poster prints. Numbers sell. This trend will continue.
The online art market will continue to boom. While the few mega-online art sites continue to expand, there are many small art platforms that will keep popping up on the Internet. The online art scene will be increasingly crowded. What does that mean for consumers and collectors? If one has the patience and time to comb through a mega site or sites, there is more variety of art available, locally and globally. For educational purposes, one can learn a lot about an artist, their work and their stories with all the online platforms available 24 x 7. So this trend is promising for the art market and consumers. For those who do not have the patience or time to look at even one site with hundreds, if not thousands, of artists, niche sites may be the way to go. It will take a few seconds or a few clicks to know whether one likes the site and will stay to linger, enjoy and appreciate the art that speaks to them.
The art fair scene will continue to expand, both locally and internationally. The art market will be more event-driven with art fairs. More and more people are attracted to art fairs because of the exciting mix of activities, creativities and stimulation. When executed well, an art fair will have the sensibility of displaying creativity, culture and diversity. The hottest art fairs around the globe include Art Basel (Basel, Miami Beach and Hong Kong), Frieze Art Fair (London), NADA (Miami Beach), ARCO (Madrid) and Affordable Art Fairs (in some major cities). These art fairs attract galleries and visitors internationally and create an environment for international dialogues about art, design and trends.