Mastering the Art of Prediction: Our 5 Bold Forecasts for the 2023 Art Market!
As the art market continues to evolve, we can expect to see several significant trends in 2023. Here are our five predictions for the art market in 2023:
NFTs Return: Non-fungible tokens (NFTs) took the art world by storm in 2021, with several high-profile sales making headlines. While the hype has died down, we can expect to see a resurgence of interest in NFTs in 2023. In fact, according to Art Basel and UBS’s 2021 Art Market Report, NFT sales accounted for $2.5 billion of the art market in 2021. With more artists and collectors exploring the possibilities of NFTs, we can expect to see a renewed emphasis on this new technology in the coming year.
Digital Art: The pandemic has forced the art world to embrace digital platforms, and this trend is likely to continue in 2023. As more collectors become comfortable with buying art online, we can expect to see a rise in sales of digital art. In fact, according to the same Art Basel and UBS report, online art sales accounted for 25% of the global art market in 2021. This trend is expected to continue in 2023, as more collectors look for ways to add to their collections without leaving their homes.
Sustainability: Environmental concerns have been a hot topic in recent years, and we can expect to see a continued emphasis on sustainability in the art world in 2023. This includes everything from using eco-friendly materials in artwork to reducing carbon emissions from art fairs and exhibitions. According to the 2021 Art Market Report, 86% of collectors surveyed stated that sustainability was an important factor in their art collecting decisions.
4. Rise of Emerging Markets: While the traditional art markets of Europe and North America remain strong, we can expect to see a rise in interest in emerging markets in 2023. Countries such as India, China, and Brazil have seen significant growth in their art markets in recent years, and this trend is expected to continue. According to Artprice's 2021 Global Art Market Report, China is now the world's largest art market, with sales totalling $14.4 billion in 2020.
5. Art Investment: With interest rates remaining low, we can expect to see an increase in art investment in 2023. As more investors look for alternative assets to diversify their portfolios, art is becoming an increasingly attractive option. In fact, according to Deloitte's 2021 Art & Finance Report, 84% of wealth managers surveyed stated that their clients had an interest in art as an investment.
In conclusion, the art market in 2023 is likely to see a continuation of several trends that emerged in recent years. From a renewed emphasis on NFTs to a rise in interest in emerging markets, the art world is evolving at a rapid pace. With the pandemic still affecting the way we interact with art, we can expect to see a continued embrace of digital platforms and a heightened focus on sustainability. As the art market continues to grow and change, collectors and investors will need to stay nimble and adaptable to keep up with the latest trends.
