How Will Art Collecting Evolve in the 21st Century?
In an earlier post on Tondo.is, Love it Art Gallery stated "art remains a rather “emotional” asset than an investment asset." The Hiscox report confirms the same but has also discovered that 63% of respondents are motivated by 'value potential' or return on investment. New art buyers are apparently motivated even more where 75% said they were driven by value potential when buying art online.
According to the Hiscox Online Art Trade Report 2015, "The evolution of online art sales mean that the value of the global online art market has risen from just under $1 billion in 2013 to an estimated $2.64 billion this year (2014). Based on that growth trajectory, we estimate it to be worth $6.4 billion in 2019; no mean feat." TEFAF estimated the global art market for 2014 was approximately $51 billion. Therefore, 5% of art purchases were completed solely online during 2014. Popular online auction platforms are reporting major revenue growth year over year. Auctionata announced a 148% increase in auction sales and Heritage Auctions sold $357 million worth of art last year, up 42% from 2013.
Social media continues to play an important role in the art community. Facebook and Instagram are the two most popular social media sources in the art community, but if we spread the word about Tondo.is they could become the ideal social media source for artists.
The new media or digital art market is still in its early stages and widely misunderstood. Most likely this market will increase in appeal for younger buyers as digital is an integral part of their lives. $264 million was spent last year on digital art. One digital art piece worth noting is Quayola's "Topologies - Tiepolo, Immacolata Concezione, 2010" which sold at a Paddles On! auction for ￡7,500. This piece is a 3 minutes, 20 seconds long HD video, edition 5 of 6, plus one artist's proof and is accompanied by a certificate of authenticity.
What would be interesting to discover is why hasn't digital art become widely accepted by the contemporary art community? Once technology proves capable of protecting the ownership and value of digital artworks could it be possible that digital art is accepted as art? Or is it destined to reside in the hard drives of digital artists around the world since the majority of digital art remains offline due to the fear of it being stolen once online?
In closing, as an ever increasing number of art buyers turn to online-only platforms and buy art solely on digital images we at ArtCity are willing to wager that digital art will become a major player in the art world.
https://tondo.is/post/is-art-a-sound-investment-class;
https://www.hiscox.de/wp-content/uploads/2015/04/Hiscox-Online-Art-Trade-Report-2015.pdf https://www.tefaf.com/DesktopDefault.aspx?tabid=15&tabindex=14&pressrelease=16959&presslanguage;