The internet has changed everything. Sure, it’s a cliché at this point. But it’s true. It’s revolutionized the way we communicate, the way we do business, and even the way we collect art.
So, how has the internet changed the art world?
The internet is revolutionizing the art world
A recent survey of art collectors found that 37.4% of them discover new artists through online marketplaces or galleries, while 36.7% find them through physical galleries. This is a huge shift from even a few years ago, when most collectors would have discovered new artists through brick-and-mortar galleries.
But it’s not just about how art is being discovered. More collectors than ever are purchasing artwork through online marketplaces. And interest in digital art has grown to an all-time high. In fact, 60% of art collectors surveyed said that they believe the digital market will be the largest sector in 5 years.
And these trends show no sign of stopping. So, what does all this mean for the future of art collecting?
Provenance & the growing online art industry
For one thing, it means that provenance is going to become even more important. As art moves online, collectors are going to need to be savvier about the provenance of the pieces they’re buying. They’ll need to do research, ask questions, and make sure they’re getting what they’re paying for.
New and emerging technologies have made it easier than ever to pirate and forge artwork. And there’s only so much that the average buyer can do in the face of such a flood of fakes. The only sustainable way to combat this problem is with newer, better technologies. That’s where blockchain technology comes in.
Blockchain technology, a unique solution to the provenance problem
By taking advantage of blockchain technology, new platforms and systems can be developed that shut forgeries and fakes down before they enter circulation. Artists and galleries can link NFT-based digital ownership certificates to pieces of physical art. Then, ownership can be passed from buyer to buyer and perfectly tracked.
Regestra has developed just such a solution, offering artists and art collectors a more reliable way to establish provenance. However, for this system to work effectively, it must be implemented as early in an artwork’s lifecycle as possible. The longer a piece of art goes untracked, the easier it is for fakes to slip through the cracks.
The need for fast action
Since we already have the technology to make nearly infallible provenance tracking a reality, there’s no reason to delay. It’s the simplest, most effective way to cultivate trust among new artists and collectors — especially as the industry moves further into the online space.
So, how can we shift the conversation around art collecting, the internet, and the need for reliable provenance? We’ve got to offer artists and collectors a reason to take advantage of these developing solutions. Rewards must be developed that will move more people to adopt them as a best practice.
A tipping point must be reached.
Only then will we see a genuine solution to the problem of provenance in the age of the internet.
