Art Market Report Q2 2021
After a challenging 18 months, I’m sure we’re all looking forward to taking time out to be with family and friends this summer. There’s no denying that the art market has been affected by the COVID-19 pandemic with the closures of gal- leries and cancellation of many leading art fairs. Fortunately the market has en- dured these changes with characteristic fortitude, and recovery has come quickly following the reopening of public spaces and the phasing out of lockdowns in the UK and the US as well as Asia.
ART MARKET CONFIDENCE HITS RECORD HIGH
Art market experts at ArtTactic recently reported that confidence in the art market has just hit its highest point since January 2014. The current confidence level as of July 2021 is ranked at 80.6 out of 100, a dramatic rise from 44.6 recorded in November 2020 and just 6 in May 2020.
Art has held its value well even during the darkest days of the pandemic, and this surging confidence amongst art market professionals should only further bolster the image of art as a sound alternative investment option.
Overall the ArtTactic report presents a balanced view of the past year, noting that the pandemic has “also been a catalyst for transformational change in the art market, creating more resilient and innovative business models across the sec- tor”. This is certainly true for online art sales which have surged since the early days of the pandemic, doubling from $6 billion in 2019 to $12.4 billion in 2020.
RARE.MARKET NFT PARTNERSHIP
You may have seen digital artworks and NFTs (non-fungible tokens) hit the headlines at the start of this year. Red Eight Gallery has been quick to respond to this booming new market with our Rare.Market partnership. This service is unique in that collectors receive both the physical artwork and an NFT giving them digital ownership of that exact piece. This approach gives investors the extra security of having both physical and digital ownership.
BLUE CHIP ARTWORKS
Finally, our team has been working hard behind the scenes to give our collectors and investors access to the art world’s most famous names. We have recently formed a new relationship which will allow us to source outstanding pieces by top artists like Warhol, Banksy, and KAWS. Please contact us for further details or view our listings on ArtNet and Artsy to see available works.