Greetings,
The quiet of summer has ended and the art world has stirred, waking up again. Exciting things are already happening—the auctions have begun, there are robust exhibits at museums and the great art festivals have already begun, (and some are winding down)—La Biennale Paris 2017, The Venice Biennale, etcetera.
As the start of the fall season ramps up, many questions have arisen regarding the future of modern and contemporary art—faced in the ever-growing weight of digital media in our modern, technology-driven times.
A few weeks ago, I had the pleasure of attending the 2017 Global Auction House Summit—never have so many top auction houses had the opportunity to meet—over 65 of the top auction houses attended, representing over 16 countries—to overcome the challenges and capitalize on the opportunities currently facing the art world.
The Summit focused heavily on the technological trends that would “drive the auction industry forward.” Some pertinent questions were raised and I wanted to share a few insights that I found particularly intriguing.
- According to TEFAF—art fairs, (both local and global), are the most important point for acquiring new buyers, “Once hesitant about the online market, the industry appears to have reached a level of acceptance for online sales…”. What does this mean?
- We live in a data-rich, data-driven world… the future is digital—approximately $3 billion is spent on digital media each year and is projected to escalate to $9 million in the next few years. As technology moves us towards a digital emphasis, buyers are placing trust in using the internet for art purchases.
- The current digital media space is merging to become primarily video, with 80% of all media as that medium.
Is This Art? (2010), Maciej Ratajski
- “Social and driven worlds have given rise to a world where customers expect engagement on their terms and at any time, immediate action.”
- Art auction houses and dealers are striving to be innovative and creative in their branding to capture the current generation of collectors in this digital-driven world.
I firmly believe— regardless of the seeming shift to a primarily digital world—that the art world is all about personal service—one that cannot be driven by data or replicated by computers. It is one that is fortified through expertise, a legacy, service matters and trust.
If you would like to discuss these topics further, I invite you to get in touch with me to discuss this or any of your other art needs further. I cultivate a program devoted to client service, transparency and connoisseurship in all aspects of the field of fine art.
I look forward to hearing from you and wish you a wonderful start to the fall and art season.
Warm Regards,
Bill Cottingham
