The digital revolution has not quite arrived on the art market. That’s at least some voices from the art world, from Art Berlin director Maike Cruse to serial founder Magnus Resch. Shopping, Banking, News: Almost all industries are now online. The share of the online music market in total sales fluctuates around 70 percent, and the trend is rising. And in art? According to Art Basel, which publishes an annual report on the current status of the art market, the online share is 8 percent. Art especially its sale is still analog. So when you buy a running horse paintings then you can be sure that you can have the best deal.
The market is conservative
This fact does not remain without consequences. Magnus Resch, founder of the art app Magnus and connoisseur of the scene, says “The truth is: our generation does not buy art. If nothing changes, the art market stays as it is: small, unprofessional, opaque and exclusive. “Fine art is expensive. There are also additional barriers to buying: customers often do not necessarily know what they are looking for. They are unsure if what they like is also stylish. If you are not well versed, you do not want to knock 15,000 euros on the table. The art market is therefore one that is dominated by small elite.
So how do you manage to democratize him?
Lea Lange, co-founder of the online art shop Juniqe, and Resch agree that tech has the potential to revolutionize the market. Transparency is neededdigitalization is suitable for this. For one thing, technologies like Blockchain offer new ways of documenting ownership and provenance. What is cluttered and difficult to capture these days is why startups like Codex Protocol want to solve with decentralized databases to make the market more transparent and honest. On the other hand, the online experience of art – viewing, distributing, and buying gives the market the opportunity to reach the younger generation.
Startups at the interface
A lot has already happened in this regard: At the intersection of the art scene and the tech world, there are startups who want to change the scene in a lasting way and are addressing exactly the problems that the art market currently has. Lange explains “Art has become much more accessible in recent years, especially in the context of iPhonography, Instagram and the Internet. Art is present in our daily lives today and that means a whole new group of interested people.
- “Bringing together the internet and the art world has great potential for the market. Online retailers such as Juniqe, Singulart and Fineeartmultiple are already making the art shopping experience more individual through digital sales and making it more accessible. Because why should not everyone put something beautiful in the living room, does VR offer opportunities for the art market?
Analog art, which is otherwise only partially accessible to the public, can nowadays be discovered via VR (Virtual Reality) . For example, Google Arts and Culture allows you to virtually visit real museums. This also makes art more inclusive, because if you do not have the opportunity to go to the museum or the gallery in time and place, you would not have access to this fine art.