A Wider Array of Artists and Collectors
April 20, 2017
The trend toward globalization is creating an art market that includes a wider array of artist as well as collectors. When it comes to artists, Latin American art provides us a great example of this shift.
Kaeli Deane, Head of Sale for Phillips Latin American Art department, says that Latin Americans typically purchased work created by artists native to their home countries. For example, Mexicans would traditionally buy work from Mexican artists, Brazilians from Brazilian artists, etc. But in the past few years, there have been an increasing number of European and North American art collectors and museums who are taking a closer look at Latin American art. Deane cites several major museum exhibitions and the fact that the MET now has a dedicated curator for Latin American art.
Inclusivity in the art purchasing community is also experiencing its own evolution. Online bidding allows a greater number of collectors to participate in sales spanning the entire globe.
This fundamentally changes the nature of art auctions. John McCord, Specialist and Head of the 20th Century & Contemporary Art Day Sale at Phillips explains that online registration has greatly expanded. He cites an auction in London where a painting sold for over 9 times its initial asking price – mostly as a result of online bidding.
Today, online bidders are able to live stream physical auctions – creating a more dynamic experience never experienced through historical online auctions.
There are an increasing number of online tools enabling collectors to access results and pricing statistics observed in past auctions. This heightened access to data and information is helping more collectors participate in the global market.
But for all of this talk about art auctions and online access, let’s not forget about the art dealer. While auctions play an important role in the overall market, many collectors still prefer to work with an art dealer. As McCord reminds us, we cannot easily replace the long-term relationship and trust that a good dealer can bring to the table. And with the globalization of the art market, it’s indeed a big table.
To learn more about the burgeoning markets for these exciting collecting genres, watch a roundtable discussion with Phillips’ Specialists on Art Market Comparison and Analysis. Watch Now!