#2 in a Series on the Art of Scalability, Transforming the Future of the Art World
Embracing Innovation and Empowering Artists for a Thriving Artistic Ecosystem
The art world is stuck in a dilemma. Most global sales – 90 percent by industry estimates – come from about 500 artists, limiting active buyers to the ultra-rich and elite institutions. At the same time, in this new era of connectivity, democratization and exposure to high profile sales the appetite for buying art has grown. Yet many potential buyers or investors are uncomfortable with the limited access and insider nature of the traditional art market.
Growth would be warmly welcomed by a larger and more robust community of investors and collectors, provided that it is accompanied by enhanced transparency, security, and efficiency.
What steps can be taken to achieve a significant expansion of the art market, reaching a scale where over 5,000 artists drive the majority of sales?
Luckily for the art market, the technologies to make this possible already exist and most are accessible through our smartphones.
Embracing the Power of Technology
Technology has become a powerful catalyst for change across almost all industries, and art is no exception. The art market can harness technology’s potential in our view in two ways:
1) Leveraging verified data platforms to build trust and transparency.
2) Providing artists with online and mobile visualization tools to allow them to showcase their work to a larger global audience.
By embracing technology, the art world can expand exponentially, breaking down geographic, political and economic barriers to connect artists with collectors in new ways.
Rethinking the Evaluation Process
Traditionally, the art market has relied on subjective evaluations and the opinions of a few influential gatekeepers. However, by embracing a more inclusive and diverse approach, we can create a system that values a wider range of artistic voices. Transparent and democratic evaluation processes, involving curators, critics, other artists (including from other artistic mediums) and the general public can bring talented artists that have previously been overlooked and marginalized to the marketplace.
Virtual Reality and Augmented Reality
The Art World of the Future
The art market has the potential to expand exponentially if it embraces innovation,fosters inclusivity, and leverages the exciting advances the new technologies offer. By harnessing the power of technology, reimagining the evaluation processes, embracing augmented and virtual reality, we can create a future where art is accessible to all and attracts the diverse voices of our society. In order to grow in terms of relevance and profitability, the art market needs to scale up, to include more buyers and collectors, as well as more artists. A market many times larger and more egalitarian than the current one will pave the way for a new Renaissance in the art world and allow fine art to reclaim its place atop the arts hierarchy. Will we summon the courage and tenacity to bring collecting art into the twenty-first century? The opportunity awaits.
About This Series
Welcome to our thought leadership series on technology and its crucial role in creating a safer and larger next generation art world. We explore how technology impacts safety, transparency, accessibility, and engagement in the art industry. Join us as we delve into the importance of scalable technology solutions in fostering trust, enabling broader participation, and unlocking new possibilities for the art market. Together, let's forge a path toward a thriving, inclusive, and transformative art world.
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