Top 6 Art Market trends in 2020
Based on the report published by Art Basel and UBS of the Art Market 2020 prepared by Dr. Clare McAndrew - Founder of Arts Economics, we have prepared a recap of the Top 6 highlights relevant for the Hispanic Women Photographer's audience with our input for each of them.
This is interesting for those of you who are;
1. Hispanic women photographers – understand how the art market works.
2. Art dealers or collectors – know what key concepts are relevant to the Hispanic women artists’ market.
3. Art enthusiasts – learn what are the trends for the upcoming year in the art market.
These highlights are based on the performance of the Art Market in 2019.
- Finding new buyers was the biggest challenge cited by art dealers in 2019.
We come up from a world were art collectors and buyers are part of a very small group of people so reaching out to new buyers is very challenging. In HWP we want to facilitate this bridge among dealers and sellers with buyers and collectors specifically for the Hispanic Women Photographer’s niche.
- The representation of female artists by primary market galleries rose 8% year on year to 44% while their share of sales also increased from 32% in 2018 to 40% in 2019.
Finally, we see a rise in female artist representation by galleries of all kind. However, this increase does not guarantee the rise of sales just because they are better represented. What it does tell us is that not only their work is as relevant as their male peers but also its increased sales means female artists are being considered worth the investment.
- 57% of the online sales were to new buyers.
Living in such a connected world would have translated into moving art market as well online. We find here the proof that working towards an online art market diaspora is paramount. That move will aim to drive attention, representation and finally sales in the art market specially if we want to reach those new buyers that otherwise seem inaccessible.
- Online gallery transactions connect buyers to sellers who were more than 1000km apart (77%).
This is particularly comforting for HWP because we are representing artists from across the world. From Mexico or Chile (for instance) to Switzerland, a long distance that is only veiled by the familiarity that the Internet provides.
- High net worth (HNW) millennial collectors were the most regular users of online sales platforms with 92% having bought online.
This is the time to target HNW Millennials not only for their increased interest in art sales and availability for collecting pieces but also to enhance our online channels to engage and build relationships with them.
- 34% of women had spent over $1 Million in the last two years (versus 25% of men).
We are seeing the potential that women have in purchasing art across the whole, how they choose art, what inspires them, what are they looking for in a specific piece of art and what motivates them to close the deal are key aspects of understanding an increased segment of interested art buyers.
Check out here their full report of the Highlights of the Art Market 2020 - An Art Basel & UBS Report, Prepared by Dr. Clare McAndrew, Founder of Arts Economics.