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Although the art market is going through its worst recession since 2009 (read Eileen Kinsella's Artnet News article here), we have been able to identify three "megatrends", we think will drive growth during the next decade.
While the COVID-19 shock has created a tremendous amount of uncertainty, we think that the pandemic will accelerate these trends:
Digital Transformation: The rapid increase of data analytics and opportunities in artificial intelligence, augmented reality, smart automation and 5G
Democratization: The previously rather inaccessible art world is opening up to a whole new set of possibilities created by the use of blockchain technology, tokenization of artworks, millennial participation and equality/ inclusion initiatives which will spur on collaboration, exchange and innovation.
Sustainability: As the world's governments and companies are taking on environmental challenges, so does the art market. This could be one of the defining movements of the decade.
We would be delighted to talk more about these megatrends and how to capitalize on them. If you would like to schedule a time to speak with one of our consultants about your art organization, start-up or artistic practice and how to further shape and sharpen its future plans, please don't hesitate to contact us on tel. +1 929 344 2201 or email info@artbusinessconsulting.com. We're here to help.