Awakening
A new era in art acquisition: Empowering diversity in the marketIn examining the landscape of art acquisition, a profound shift towards inclusivity and diversity is underway. Sebastian Duthy, from AMR, delves into the transformative trends reshaping the art market.
Source: knightfrank.com
The genesis of art commerce traces back to the Dutch Golden Age, a period where artworks were traded by weight in bustling auctions. Over centuries, the recognition of individual artistic merit burgeoned, albeit predominantly favoring male creators. Despite the emergence of highly talented female artists since the early 20th century, recent statistics from Julia Halperin & Charlotte Burns reveal a stark reality—only 3.3% of auction sales between 2008 and mid-2022 were attributed to women.
Nonetheless, a notable paradigm shift is observable. AMR’s index tracking 100 women artists indicates significant growth, particularly between May 2016 and May 2019, coinciding with the MeToo and BLM movements. During this period, values surged by 70%, with a further 30% spike observed post the Covid-19 lockdown. This resurgence reflects a burgeoning recognition of contemporary women artists, evident in the prominence of female artists among the fastest appreciating works.
Renowned American artist Mickalene Thomas exemplifies this trend. Her poignant pieces, such as “Racquel Reclining Wearing Purple Jumpsuit,” embody powerful narratives on race and gender. Thomas’s ascendancy into prestigious institutions like MOMA and The Guggenheim underscores her influence in contemporary visual culture, resonating across art, fashion, and societal discourse.
GENDER GAP
A forward-looking analysis reveals encouraging trends amidst persistent disparities. In 2022, around one-third (32%) of emerging artists at auctions were women. Further scrutiny of auction records from 2022 unveils that 40% of breakthrough works were by female artists. Despite these strides, achieving parity remains an ongoing endeavor, as entrenched biases persist among collectors.
The evolving landscape of art commerce witnesses a surge in younger artists entering auctions, paralleling the increasing participation of youthful collectors via online platforms. This demographic convergence signifies a desire for artworks resonating with contemporary sensibilities. Mega galleries, attuned to this shift, adopt a pragmatic stance, embracing online sales to cater to a burgeoning cohort of digital-native buyers.
Innovations in online auction formats, offering convenience and reduced pressure, attract a new wave of bidders, thus reshaping conventional auction dynamics. However, this democratisation of access also fuels concerns of homogenisation, as market trends drive a proliferation of derivative styles.
EASTERN PROMISE
The Asia-Pacific art market emerges as a beacon of growth, propelled by burgeoning collector interest post the 2008 financial crisis. International art enterprises pivot towards expanding their presence in key hubs like Hong Kong, transcending national borders to engage with diverse audiences.
Signifying this commitment, esteemed institutions like Frieze and Sotheby’s venture into the region, tapping into the affluent demographic comprising individuals from entertainment, fashion, gaming, fintech, and crypto sectors. A notable evolution is evident in collector preferences, transitioning from a focus on domestic talent to embracing a global spectrum of artists.
The influx of international galleries and investment in prime real estate underscores the region’s strategic significance for leading auction houses. This concerted effort reflects a long-term commitment to fostering a dynamic and inclusive art ecosystem in the Asia-Pacific region.
As we navigate the evolving dynamics of art acquisition, the insights gleaned from the Knight Frank Wealth Report 2023 offer invaluable perspectives on the symbiotic relationship between wealth management and the art market. Within this dynamic milieu, the pursuit of art transcends mere ownership, embodying a cultural zeitgeist driven by diversity, inclusivity, and a quest for narrative resonance.
Source: knightfrank.com
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