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This year Citigroup is one of the first to come out with a brief annual report on the art market.
The key trends identified as follows:
1) New collectors - a wider range of people now have access to the world of art than ever before.
2) Changing tastes - with a strong focus on historically underrepresented and marginalized artists and movements.
3) Level Playing Field - a rethink of what constitutes art and collectors gravitating towards digital art, cartoons, youth culture imagery, graphic design, toys and NFTs! Art works minted as NFTs now feature regularly in auction sales, and galleries are participating as well. A new digital medium has captivated the art world, with galleries, museums and collectors wanting in on the action.
4) Auction prices for Contemporary and Modern works at a high - stellar collections and "once in a lifetime" collecting opportunities hit the auction block in 2021 with accompanying results
Read the full article here: