What is the Future of the Art Industry?

The global art market is projected to grow from USD 455.37 billion in 2022 to USD 795.63 billion in 2026. So, we can expect a booming future in this market. Revenues in this industry include entry fees to royalties, art galleries, and theaters.

Image of an art galley

Reeves Art + Design Gallery houses top art dealers in Houston. It is the largest and the best art gallery in Houston, TX located in the Montrose/Midtown art district. Founded in 1969, they have been offering an impressive assortment of fine art for over half a century. They have more than 5,000 paintings on display from various international, local and contemporary artists. If you wish to look for “art dealers near me”, you can find them in a reputed art gallery like this.

It also offers an area of 10,000 SQ FT on rent to host art exhibitions. The location is suitable for artists to get enough exposure to come into contact with prospective art collectors. Over the past few years, the art gallery has hosted several events like fashion shows, culinary affairs, and project launches. The space is available for organizing gatherings and other activities.

Want to know the factors boosting the revenue of art dealers? Here’s a look.

Consistent Preferences of Collectors

The popularity of the contemporary and post-war art segment has been peaking in the industry and accounting for more than half of sales in Q1 2022. The revenue generated from auction sales of contemporary art was particularly high in the US (USD 592 million in H1 2021).

Ultra-contemporary art is also piquing the interest of art collectors. The Marquee sale showed record sales in this segment which indicated growth while also hinting at changing preferences.

Art Will Remain a Major Investment

Investments in artworks can help diversify an investor’s portfolio. Investors are attracted to this industry because the performance of financial markets can’t affect it and art is a more stable investment. In H1 2022, the global turnover from the sales of fine art auctions rose by 8.8%, defying another wave of the COVID-19 pandemic. Contemporary art itself has returned around 7.5% while the overall art market has returned 5.3% on average.

New Tastes of New Buyers

More than 30% of the sales of art dealers in 2021 were from new buyers. They come with new tastes and are predominantly millennials. The Marquee sales showed that these collectors are interested in artworks that have a social/political message.

Online Sales Keep Boosting the Print Market

The rising interest of collectors in socially relevant works of artists is positively impacting the print market as well. Over the previous 2 years, the demand for this medium has been going up in general, especially due to the pandemic. As art lovers were at home, unable to visit physical art galleries, they found prints safe and easy to buy online. In 2021, nearly two-thirds of the new collectors were from online channels. Although we seem to approach the end of the pandemic, prints continue to remain in demand.

As we return to normal and welcome in-person art events and fairs after a long time, new collaborations will likely be seen among artists, art galleries, auction houses, and collectors.