At the London Art Fair 2017, experts of the industry gathered together to discuss a range of topics that relate to where the business of art is at now, and where we will be heading. Iain Robertson, Yasmin Railton, Jeffery Boloton and Melanie Gerlis formed a panel to tell us about the bigger picture of the art market, emerging markets, authenticity and forgery, types of art that are growing and declining and price data. Borro has highlighted the key information that you need to know about the art business today. Let’s start with the specific art sectors that you need to keep an eye on.
A Market Outline
Let’s start with how the market performed in 2016. As a whole, the market shrunk both in terms of value and volume, which wasn’t good news for auction houses such as Sotheby’s who took home $2 billion less than the previous year.
An area of art that is set to grow is New Media Digital Art. A lot of artwork in this sector is developing and saw a lot of incredible shows in 2016, such as Glug – one of the top creative events around the world. The new and growing excitement of this type of art is going to have a strong knock on effect on the market. Auction houses are quickly responding by creating new strategies to sell these works, particularly with the use of online auctions. This is one of the biggest trends we can expect to see in the year ahead.
The contemporary art market is growing, but a lot more slowly compared to the digital art market. The photography market is always changing, as the world we live in increasingly modifies itself, day on day, year on year. This is what makes the contemporary photography market so exciting, as we’re going to see a lot of new sectors develop and a lot more room for new ideas. It is a great area to invest in as there’s something for everyone.
Modern British Art
2016 was an explosive year the Modern British Art market, with David Bowie leading the forefront of this amplification. In November 2016 Sotheby’s brought home a hefty £33 million when they took Bowie’s private art collection to auction. This was a case of a really interesting celebrity endorsement in an under-celebrated market, stirring up a storm of patriotism for the beloved British art. This is currently a low-risk area to invest in as the market mood is so in sync with this sector.
Emerging art is probably not where you should be investing right now, if you’re looking for a place to start. The hype of this sector has died down a lot, particularly because the countries of emerging art seem to be changing quite often, making its value more short-term.