Annual Art Market Report 2020
Red Eight Gallery has just released our dedicated Annual Art Market Report 2020 featuring expert analysis of how the art world has risen to the difficulties of the past year. Key trends include the rapid rise of online auctions and virtual exhibitions, as well as greater market accessibility and growing participation from newer and younger art collectors.
Booming Online Sales
Despite the challenges and hardships of the past year, 2020 has arguably been one of the best years for the art market. Social distancing requirements have driven galleries, auction houses and collectors to embrace the internet like never before. This has in turn made the art world more accessible than ever, with greater numbers able to attend online auctions and exhibitions.
Online art sales have soared over the course of the past year, with many younger and newer collectors making their first forays into the art world from the comfort of their own laptop or smartphone.
A Strong H2 For 2020
Following a drop off in market activity in the first two quarters with gallery closures and art fair cancellations, sales in the second half of the year were 4.5% higher than the last six months of 2019 according to ArtTactic. The market is now more innovative, more digital, and consequently more accessible to more people. The result is a market that is ready to move forward and likely in a stronger position now to return to strong growth than it was pre-pandemic.
A Bright Future Ahead
Looking ahead to 2021 and beyond, analysts maintain that the gap is closing between established and emerging markets due to a rise in younger, affluent buyers and easier market access facilitated by online sales. While the COVID-19 has accelerated acceptance of digital in the art world, this trend looks like it is here to stay. This can only be good for both contem- porary and emerging artists as we enter a new decade of growth with a more agile and adaptable art market.
Fill out the form below to download our full Q3 2020 Art Market Report and discover our forecasts for 2021 and in-depth analysis of the thriving Contemporary art market.