Thanks to digital technology, the art market is minimizing collapse

The art market, which has been forced to largely digital, has generally shown the shock of Covid with only 21% lost in business volume, discovering new clients and prospects, the Artprice report revealed. Published annually by the leading information company in the art market, this report covers the findings of “fine art”: paintings, sculptures, drawings, photographs, prints, videos, installations, textiles, cars, etc.

Under the influence of cascading restrictions, remote auctions have become the new norm in one year, even sales entirely online, without an auctioneer. “The art market has boomed through digital technology, in which I invest fully,” says Thierry Ehrmann, president of Artprice, who considers it a “revolution”. There is social development. Internet auctions bring in new customers, ages 30/40, who either did not have access to the old system or did not support it. Contemporary art (which accounts for 16% of the market) often comes to buy. It is the locomotive today. Displaying 3D works on the Internet is attractive, “he explains. Development is also geographic.” This market was 30 years late, and it has reached a new equilibrium in one year, which is what the most optimistic forecasts predicted in 2025, “he explains. The internet world “also means more competition.” The report asserts that an extremely positive sales rate (76%) “relies on this renewed audience, along with prudent price estimates, to be attractive.”

The Chinese performance is impressive: China is back in first place in the world after four years overtaking the United States. It accounts for 39% of the “fine arts” market versus 27% in the United States, where the outbreak has had a strong impact on the market, and 15% in the United Kingdom.

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In Europe, France has been declining for several years, with sales of $ 578 million versus $ 827 million in 2019, or less than 31%. The UK (-30%) and Italy (-32%) also declined. It is Germany least affected to the drop by the epidemic that ends in green: + 11%.

Source: Agence France-Presse

The art market, which has been forced to largely digital, has generally shown the shock of Covid with only 21% lost in business volume, discovering new clients and prospects, the Artprice report revealed. Published annually by the leading information company in the art market, this report focuses on the findings of …

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