The effects of the epidemic accelerated the entry of the art market into online platforms and the intensification of digitization of works of art. Both artists and exhibitors emphasize the importance of maintaining liquidity in the art market.
Over the past twenty years, world art sales have experienced tremendous growth. In 2020, significant changes took place in the art industry. As the pandemic unfolds globally, many other arts events have been suspended or cancelled. Art has begun to be purchased in large quantities on the Internet. The effects of the epidemic accelerated the entry of the art market into online platforms and the intensification of digitization of works of art. Both artists and exhibitors emphasize the importance of maintaining liquidity in the art market. However, it was not only the pandemic that forced such purchases. A new generation of customers has entered the art market. Young people have a simple habit of online shopping. They don’t run around galleries; they don’t look at the paintings directly. They buy them online like everyday products. Because of the Internet’s accessibility, the market has become more international, as it has substantially enlarged the possibilities of directly addressing the recipient.
The art market is probably the only one where we can observe the so-called economic miracles
In 2021, online trade in the art market has increased significantly. The massive online move of virtually all major players in the art industry is a real opportunity for individual investors to start investing in art that has been one of the surest long-term alternative investments for many years. Often, they do not have time to participate in auctions and art fairs, which have so far been the leader in the sale of works of art. It will be easier for the industry’s top galleries and auction houses to access and trade in this market if they increase their online activity. The art market is probably the only one where we can observe the so-called economic miracles. Artists and investors can notice such a paradox that demand grows with rising prices. The diversification of sales channels between traditional and modern forms is gaining popularity and will continue to develop.
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