We decided to dedicate this article to research on the key issues affecting art market today. We want to present the views of gallery professionals and dealers from 85 countries to find out the main factors influencing the art market trends in 2023, from the art that generates the most sales to the way art professionals meet new collectors.
So, below you will find five key market trends.
Abstract paintings are most important to gallery sales.
According to a survey of 59% of respondents, non-figurative paintings (including abstract painting as well as related genres such as minimalist painting, spiritual abstraction, and neo-abstract expressionism) were selected as the most important for their business in art sales right now. In contrast, 45% of galleries ranked figurative painting in first place.
Online sales are a key revenue driver for primary- and secondary-market galleries.
The physical art world has largely returned to its pre-pandemic state. Over 300 art fairs took place in 2022. International travel is currently virtually unlimited. But this year’s review of galleries shows that online sales are still growing or holding steady.
Rising inflation has suddenly forced galleries to raise prices for works of art.
Inflation has become the most influential factor in setting prices at the art market. This is not surprising given that many companies across industries have had to adjust their pricing strategies accordingly.
Young social media-focused galleries are forging their own path.
Compared to their more established counterparts, galleries that have been in operation for less than three years sell a higher proportion of art.
Most galleries are discovering emerging artists through other artists.
For artists and gallery owners, networking pays off. More than half (51%) of respondents learn about the artists they continue to work with through other artists.
The past year has seen the full return of the physical art market as COVID-19 restrictions around the world have basically ended for good. Despite the return of in-person fairs and events, the online sales practice that flourished during the pandemic remains an important source of revenue for galleries today. It has become clear that a balance between physical and digital is key.
Another central theme of last year – and one that continues this year – is the global economic and political uncertainty from which the art market is not isolated.
Abstract art, a genre that has done well in the secondary art market at last year’s realized prices, is also seen as the most important for sales.
Young people play a prominent role in the art world. We see a noticeable difference in the interests and strategies used by the younger galleries. We mean those who have been in business for less than three years, who are more associated with younger collectors and emerging artists than their more established counterparts.
The conclusions we have reached in this article have been drawn from the Art Industry Trends Report. The report was developed based on an online survey conducted from March 2023 to April 2023, which included 886 gallery professionals and dealers.