4 Bold Predictions for the Art Market in 2021
With the end of 2020, many people heaved a sigh of relief, hoping that the next year wouldn’t be as convoluted and insane as the previous one. Like many other industries, the art market has undergone a serious trial by an omnipresent ordeal — COVID-19.
As you know, tough times make tough people. Now, it seems like no calamity can stop the art world in 2021. Nonetheless, it’s too early to say anything concrete. Let’s better hypothesize a little and try to predict what is likely to happen in the near future.
4 bold predictions for the art market in 2021
1. Fostering of online sales
Virtual sales were not a discovery nor a breakthrough in the pre-pandemic market. Many galleries and auction houses have adopted the technology even before the advent of the virus. As of today, almost every art business provides clients with the possibility to buy art online, which appears to be an effective selling model.
2. More virtual events
While many art fairs and festivals are on pause, galleries will continue to fascinate the audience with high-resolution pictures and videos, 3D online exhibitions, and online meetings. Stay tuned!
3. The importance of auction houses will grow
From the inception of the pandemic, buying art was a herculean task. With many leading auction houses going online, public tension decreased, and things started to look more optimistic. You can now bid via your phone, so the whole auction house trend will gain more momentum in 2021.
4. Collaboration can save many businesses
Never before has a helping hand of a colleague or a business partner been so vital. To keep heads above water, many small galleries started to unite and help each other by creating a variety of new art projects and launching joint events.
If at least some of the aforementioned predictions will turn out to be true, the chances are that the art market will get back to “normal” in 2021 and continue to flourish thereafter.