Art is a 50 billion dollar industry and is becoming more of an innovative business than ever before. The Business of Art Observed Symposia bring together art market professionals to discuss key business issues, trends and technology disruption facing the industry on both a national and global scale.
Analyzing and understanding how the art world is being disrupted and the impact this is having on business models is key in today’s climate. The art world’s unique set of challenges: the birth of a global arts market, the use of social media, preferences towards digital galleries and the growth of international art fairs, as well as struggles with regulations in an evolving industry, was addressed in an open and interactive platform during the inaugural conference. The successive conference continued the discussion of key themes raised, including innovation in art business models, the evolution of best practice, industry changes like the use of blockchain, how artists are navigating the business ecosystem, regulation and the growth of art fairs.
Observer brings together leading figures from the art world to share their experiences and you can view recordings of the talks below at your convenience!
Understanding the New Generation of Auction Buyers
This panel of experts will answer the question: What are millennials collecting? They will explain how they analyze the behaviors of potential buyers in order to predict trends.
The Fair Economy: How Art Fairs Have Reshaped the Art Market
Probably the most urgent challenge facing the arts sector concerns the question of representation and the responsibility of everyone working within the arts to encourage more egalitarianism through providing platforms and opportunities to a different voice.
Zombie Statistics, Draconian Laws, Media Complicity: The End of the Global Antiquities Trade
The media has helped to propound a myth – that the illegal trade in cultural goods is a pillar of organized crime. That trade in antiquities is part of a multi-billion dollar network with links to the drug and arms trade, to money laundering and terrorist financing.
The Auction World and Its Changing Nature 2019
The US was the largest auction market for modern art in 2018 but there is no room for complacency. Keeping up with rapid changes and transparency as well as understanding today’s new customer demographics is important.
Blockchain and Collection Management
This session follows how auction house, Christie’s partnered with Artory, a blockchain-powered digital registry, to establish provenance and create trackable records for art sales through the encrypted registration of works sold in its Barney A. Ebsworth Collection sale.
A Financialized Art Market
In recent years, there has been plenty of talk of the “financialization” of art. A financialized art market could lead to an explosion of liquidity and value.
Insurance & Risk Management
In today’s complex art industry, all stakeholders should consider whether solid risk management should now weigh in favor of using third-party risk transfer tools versus continuing to self-insure against such a risk adopt new ownership standards. This session will look at modernizing risk management in the art market and how the industry should apply forensic due diligence to transactions and ensure they view all business activities through a lens of strategic risk and reputation.
Regulating the Art Market
US art dealers, auction houses, galleries, art museums, art fairs and art consultants may soon be subject to government financial regulation. Many are calling for regulation in the art market to counter and combat the tax evasion, money laundering, price manipulation and trading on ‘inside information’. Proponents of regulation seek more open trading and greater disclosure of all aspects of art transactions, including details regarding the parties, prices and any guarantees.
The Art Market 2.0
This session will cover multiple technology solutions to help the art industry’s relationship with government legislators for trade, provenance and authenticity. We will discuss the importance of technology-driven transparency. These solutions embrace the improvement of the management and verification of collections & exhibit works.
