Empty Walls

This article delves into three key aspects of the art market: the prevalent trend of artworks languishing in storage while our walls remain bare, the relatively stagnant size of the art market, and the barriers to purchasing art even for those with the means to do so. The title of this article is inspired by a conversation with artist Pia Larsen , who aptly referred to the concept of "empty walls" during a discussion on these very issues over coffee in Sydney.?

A Work of Art Seeks Its Perfect Wall

I make a habit of observing my surroundings closely, taking in everything from objects and buildings to people.?

Consider, for instance, when I enter a room and notice its bare walls, devoid of any artwork save for perhaps a poster or a stray craft piece, if anything at all.?

Then, my mind wanders to the countless pieces tucked away in artists' archives, gallery storerooms, and museum collections. These often-overlooked spaces hold treasures far beyond what is currently on display.?

In my imagination, I envision adorning those empty walls with the stored artworks. Not only would this add decorative value, but it would also infuse our lives with deeper meaning and contribute to the vitality of the arts ecosystem.

The Art Market: Small and Stagnant

Since 2007, the annual sales value of the global art market has been inching towards USD 70 billion. To put this into perspective, consider the earnings of a single tech giant like Microsoft, which boasted a net profit of USD 72.4 billion in 2023 alone, up from USD 61 billion in 2021 and USD 39 billion in 2019.

For more information about the Art Market, visit https://theartmarket.artbasel.com/.

Nevertheless, the allure of the arts remains enduring. Art schools continue to attract full enrolment, exemplified by the National Art School in Sydney, Australia, graduating 140 artists from its undergraduate program in 2013 alone.

I once heard a statistic suggesting that roughly 15% of the population in any country actively purchases art. While I haven't been able to confirm this figure through research, let's entertain it for the sake of analysis. Consider this scenario: imagine yourself at a dinner party with 13-14 guests, where only 2 individuals have art displayed in their homes. It's clear that preferences tend to align, with like-minded individuals influencing each other's tastes. Personally, I often introduce my friends to art by taking them to gallery openings and engaging in conversations about the arts, thereby cultivating a degree of art appreciation among them. Conversely, there are circles where art holds little interest, leaving entire groups devoid of artistic inclination.

What Hinders Art Purchases?

In 2022, I conducted interviews with six company directors to delve into their perspectives on art collecting, focusing specifically on paintings, sculptures, and photography. I posit that executives and company directors should be prime candidates for art consumption, given their typically high education levels (suggesting a propensity for better art appreciation), ample disposable income (affordability), and well-appointed homes (practicality in terms of display space).

Here are the key insights:

• Many already engage in art, even acquiring works typically within a price range of up to USD 5,000, yet they profess to possess limited art knowledge. Trust and confidence pose significant barriers to purchasing higher-priced artworks.
• Despite rating themselves between 1 and 1.5 out of 5 in terms of art knowledge, they exhibit a strong acknowledgment of art’s importance and express a desire to deepen their understanding of art and collecting.
• Limited exposure to art is evident when no immediate family members are involved in the arts.
• The misconception persists that art collecting is exclusively for the wealthy, leading many to believe they cannot afford art.
• While art is primarily acquired for personal enjoyment rather than as an investment, there is a desire for the artwork to retain its value over time.
• The term "collector" carries negative connotations, with none identifying themselves as such; one participant remarked that collectors are perceived to have monetization as their primary goal.
• Local galleries play a pivotal role, offering a tactile experience that fosters a connection with the artwork. Building relationships with artists, often initiated through platforms like Instagram, enhances the buying experience.
• Art purchases are deeply personal, with factors such as immediate aesthetic appeal, complexity, uniqueness, and personal significance playing crucial roles.

Reflecting on these findings alongside my own observations, a palpable divide exists between those actively engaged in the arts and those who are not. For many, the prospect of entering art galleries is daunting, exacerbated by uninviting storefronts. A colleague, an academic researcher, shared that gallerists often discourage street traffic. Nonetheless, dismantling this barrier is imperative for the flourishing of the arts, ultimately benefiting us all in various ways.?

This article was edited using ChatGPT 4.0 with the following command “Lightly edit without losing style and tone”.