Speaker(s): Evan Beard
Six Events that Brought on Art Market Transformation
In recent decades, the global art market has transformed from a niche lifestyle interest to a $60 billion dollar global industry.
The art market is always changing, evolving to meet the needs of both buyers and sellers. Over the past decade, we've seen some major changes that have transformed the way we buy and sell art. Here are some of the most significant events that have brought about art market transformation.
Art Market Transformation #1: The Rise of Auction Houses
Auction houses have been around for centuries, but they used to primarily deal in high-end art and antiques. That changed in the early 2000s, when auction houses began to focus more on contemporary art. This change was driven by the demand from buyers who were interested in investing in contemporary artists. As a result, auction houses began holding more auctions for contemporary art, and they started to offer lower prices for works that were less well-known. This made it easier for new buyers to enter the market and invest in contemporary artists.
Art Market Transformation #2: The Growth of Online Art Sales
The internet has had a huge impact on the art market, making it easier than ever for buyers and sellers to connect with each other. One of the biggest changes we've seen is the growth of online art sales. platforms like Artsy and Saatchi Art have made it possible for anyone with an internet connection to buy and sell art online. These platforms have also made it easier for artists to reach a global audience and sell their work without going through traditional channels like galleries or auction houses.
Art Market Transformation #3: The Proliferation of Art Fairs
Art fairs are another big trend that has emerged in recent years. These events are typically held in major cities around the world, and they bring together galleries, dealers, and collectors from all over the globe. Art fairs provide a great opportunity for buyers to see a wide variety of artwork in one place, and they've become an important part of the way that many people buy and sell art today.
These are just a few of the recent major changes we've seen in the art market over the past decade. With new technologies emerging all the time, it's likely that we'll continue to see transformation in the years to come. Whether you're a buyer or a seller, it's important to stay up-to-date on these changes so that you can participate in the market in a way that makes sense for you.
Evan Beard Shares His Expertise
Evan Beard, the Global Art Services Executive with U.S. Trust, Bank of America Private Wealth Management, will detail the six seminal events of the past half-century most responsible for this financial, social, and cultural transformation of the art market.
Evan Beard is the Global Art Services Executive with U.S. Trust, Bank of America Private Wealth Management. Headquartered in New York City, Evan leads the bank’s outreach to private and institutional art collectors, investors and artists nationwide. He directs a team of specialists who provide a suite of tailored offerings to a select group of families, auction houses, museums, endowments and...