Balance Between the Physical and Digital Proves Key for Today’s Art Consumers
Artsy, the online art marketplace, released its Art Industry Trends of 2023 report, revealing key insights for galleries today. This year, Artsy surveyed gallery professionals and dealers across 85 countries on the major factors affecting the art industry from the art driving the most sales to the ways that art professionals are meeting new collectors.
Within the report, Artsy notes that although last year marked a full return to physical art after pandemic restrictions, online sales are expected to be a primary source of growth for future sales, with an ongoing theme being a hybrid between the physical and the digital.
More from WWD
Marketing is a key example of this hybrid approach with more than 60 percent of survey respondents saying the most important channel is email newsletters followed by 58 percent citing gallery websites, 57 percent citing in-person events, 43 percent citing social media, 41 percent citing online art platforms and 39 percent citing in-person fairs. Additionally, 38 percent said online sales volume increased from 2021 to 2022 while 34 percent said sales remained consistent.
Survey respondents shared that as inflation has become a dominant theme in the global economy, there has been a surge in the art market with artwork pieces increasing significantly. Still, inflation’s impact was slightly unexpected with 44 percent of respondents saying they did not intend to increase prices due to inflation and some galleries noting that they have experienced collectors insisting on discounts and negotiating for lower prices which may also reflect the broader economic uncertainty.
High demand compounded with a shortage of supply for works on the primary market by in-demand artists (especially in the ultra-contemporary segment) has also contributed to continuing rises in price on the secondary market. Almost half of the respondents said ultra-contemporary artists are the most important group of artists for their business’ future, followed by nearly 30 percent citing mid-career and established artists.
The collector group that is currently leading in the most artwork sales for younger galleries is the 35 to 55 age segment, which almost 60 percent of respondents say are their highest spenders. Galleries reported that most sales are occurring through existing gallery clients and new shows at physical gallery spaces, however, younger galleries are also finding great success through social media.
At the same time, the use of social media is also being used by younger galleries (less than three years old) to discover new artists. Forbes shared that “more than 61 percent of younger galleries say they discover new artists on Instagram, compared to 52.86 percent of older galleries who rely more on networking with other artists.” For both artists and galleries, Artsy said, networking is paying off with 51 percent of respondents reporting they discover the artists they go on to work with through other artists.
When asked about the genres or themes of contemporary art that are most important to their business, abstract art led at 44 percent, followed by expressive figurative works at 28 percent and realist figurative works at 17 percent. Landscape paintings, conceptual art, contemporary surrealism, minimalist paintings, street art, neo-abstract expressionist paintings and landscape photography ranged between 5 and 12 percent.
Best of WWD
