Art is a process of consciously organizing objects in such a way that influence & affect the senses, emotions, and intellect. In general, art encompasses a wide range of creations, activities, and forms of expression. Art industry mainly contains both art-galleries and art-auction houses that participate in the sale of original & limited edition artwork. Companies buy art from an artist or individual owner and then sell them to consumers.
Art products are various types including sculptures, photographs, drawings, original pictures, and prints. Popular subjects in the art industry basically include wildlife, florals, marine life, landscapes, figures, and animals. Regardless of the subjects, when handling original artwork several factors for instance quality, authentication, rarity and condition, must be taken into consideration. These characteristics are necessary when assessing the value of a work of art.
Art-dealers, auction-houses and galleries compete with other retailers, including mass merchandisers and home decor stores. Since the demand for works of art is driven by trends in consumer spending and trends in decorating, the profits these companies generate depend on their marketing and sales strategies. Dealers are also offer a wide variety of books, art supplies, collectibles, and additional services. These services may include delivery, framing, and hanging. Several companies may provide art appraisal services, and senior agents may help curators and individual collectors find specific artworks or develop new collections. Larger players entering the art market have an edge, but smaller companies also compete effectively in the art industry by offering unique products, providing first-class services to their clients, or targeting specific local markets.
As per analysis, “Arts Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global arts market include Cirque du Soleil; WWE; Smithsonian Institution; The Paris Opera Ballet; The Metropolitan Opera Association and among others. Companies are now exploring the market, using mergers & acquisitions, investments, expansion, new developments in existing products, and partnerships as their favored strategies. Players are also exploring new regions and industries through expansion and acquisitions to take advantage of competition through combined interactions.
Increase in the number of fairs, followed by growth in numbers of artists, rapid increase in the art-buying population, rise in awareness among people and increase in new-era museum industry are major factors, which are responsible for growth of the art market.
The art market attracts valuable domestic visitors to events including major auctions, art fairs and exhibitions that provide cultural benefits by delivering great works of art, especially to the United Kingdom. Another factor is that the art sector is heavily dependent on government funding. Europe, being a large region, has a large art collection and this has become a driving force for the region. The region is estimated to witness higher growth rate due to increase in export activities of arts products over the forecast period. It is predicted that future of the global art market will be optimistic because of growth in international demand coupled with increase in the number of buyers & investors during the forecast period.
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Ankur Gupta, Head Marketing & Communications