We want to dedicate this article to the key issues affecting art galleries today. Here you’ll find art market analysis including the top factors affecting the art industry in 2023, from the art that generates the most sales to the way art professionals meet new collectors.
The balance between the physical and digital is key
Despite the return of in-person fairs and events, the online art sales practice that flourished during the pandemic remains an important source of revenue for galleries today. The art world is becoming more and more hybrid. Here, personal relationship building goes hand in hand with online sales mechanisms.
Global economic and political uncertainty
The price trends are also changing. Many art dealers have increased the price of art, with inflation seen as the main contributing factor, followed by other macroeconomic issues such as taxes/duties and geopolitical considerations. Demand in the secondary market was the second leading cause of art price changes, reflecting collectors’ appetite for a limited supply of art from a limited number of fashion artists.
Younger, social media–savvy galleries are charting their own path
Youth is another important detail that has influenced the art market. One can see a marked difference in the interests and strategies used by younger galleries (those in business for less than three years), which are more associated with younger collectors and artists than their more established counterparts.
Most galleries are discovering new artists through other artists
For artists and gallery owners, networking pays off: more than half of gallerists learn about the artists they continue to work with through other artists.
It is also worth noting that secondary market demand was the second leading cause of price trends, reflecting collectors’ appetite for the limited supply of art from a limited number of fashion artists. Intermediate and ultra-modern artists (born 1975 or later) are now the most important for future sales. This coincides with a year of record auction sales for these categories. Abstract art is a genre that has made great strides in the secondary market at last year’s realized prices and is most important for current year’s sales.