Confusing. Stuffy. Unfriendly. All of these are words that could be used to describe the traditional art industry. In the past, buying, selling, and collecting real art was the purview of wealthy aristocrats and snobby gallery owners. But the art world’s elitist mindset is being shaken to its core, thanks to a number of major technological and cultural shifts.
These changes have the potential to completely upset the art industry, making great artwork more accessible to common people than ever before. And while there are dozens of things that have slowly moved the art world in a more welcoming direction, these three things are making some of the biggest, most revolutionary waves.
Worldwide Internet Marketplace
The internet has revolutionized the way we do just about anything, from learning to dating and shopping. And buying, selling, and collecting artwork is no exception. Not only has the internet made it easier than ever to purchase artwork from artists around the world, but it’s also given collectors with common interests the ability to build entire communities around those interests.
The internet’s incredible accessibility and customizability have opened millions of entry points into the art world. And we’re seeing the results of that as the art market has exploded over the past few years. More and more people are discovering the creative, expressive world of fine art.
The internet has also pushed the envelope with regard to what is considered artwork, leading to the creation of NFTs, other forms of digital artwork, and more. To put it simply, the art world’s traditional gatekeepers have lost their power. As a result, we’re discovering a freer, more democratic art industry than has ever been possible.
And the art world will never be the same.
Streamlined, More Effective Intermediaries
Traditionally, intermediaries served as the gatekeepers of the art community. Galleries decided who to promote and who to ignore. They often determined the prices that collectors would have to pay. And they did an effective job of keeping certain collectors in the know — and others out of it.
But the internet has changed all of this. Intermediaries are still needed, but they’re evolving to do their job more effectively. Rather than acting purely as gatekeepers, today’s intermediaries are spending more time helping collectors navigate the often-confusing world of art. They’re offering better information about a piece of artwork’s provenance, price history, and more.
In other words, the internet has forced intermediaries to equip collectors and buyers, rather than ripping them off.
More Transparent Pricing
One of the biggest problems with the way the art world worked under the old system was the hazy way prices were determined. Rather than allowing the free, open market to determine values, galleries would set their own prices without any clue to buyers why those prices were what they were. This led to unreasonable markups. And the lack of transparency scared many would-be collectors away.
But the internet is putting an end to these old-fashioned practices. Today, transparent prices are becoming the norm as intermediaries are making price histories available. This gives collectors a much better idea of the actual market price of the artwork. And knowing that they aren’t getting ripped off is a good incentive to take the dive and invest in a great work of art that they already love.
As we see the art world absorbing more of these changes — including the increased number of markets, the more streamlined intermediaries, and a greater focus on transparent pricing — we’ll be able to watch as ever greater numbers of people invest in art. And that’s better for everyone.
Artists enjoy a more sustainable living. Collectors get great artwork to enjoy. And the world is made a better place because of it.
