Comments
from Olyvia Kwok, Art Investor.
If you looked at the global art market figures for the second quarter of 2020 as an investor, you’d have been rather concerned. According to the UK finance and investment publication, Moneyweek, sales at the major auction houses including, Christies and Phillips, fell by a massive 97% in May alone as a result of the coronavirus restrictions.
Although art galleries and auction houses are unlikely to return to how they used to be within 2021, the situation for the art world looks far from bleak for the coming year. These months have shown just how vital artistic expression is for the human spirit, the art community has drawn closer together and innovation has meant that art has opened its arms wider across the globe, embracing new artists, new markets and new ways of doing ‘business’.
With this in
mind, art investor Olyvia Kwok shares her perspective on the current art market
and her predictions for 2021.
1. The
art market will enjoy a resurgence
Despite the
challenges of the recent 12 months and the temporary changes to the way the
global art scene operates, it’s likely to return to normal within the next few
years, if not within the year. “The art market is like the stock market. It’s
had a steady growth in the last two to three years, but now it’s reacting to
all the recent uncertainties, i.e., COVID, Brexit, the US elections,” says
Olyvia. “Overall, the market is fine – it has had a little pause.”
Many of
these changes such as digital innovations, greater collaboration between
artists and closer connection between galleries, artists and auction houses
look set to stay and will shape the art world in future years.
2. Pop
art will continue to grow in popularity
Although Pop
Art first emerged in the 1950s with artists such as Andy Warhol and Richard
Hamilton leading the way, it has enjoyed a resurgence over recent years. This
looks set to grow over the coming year as younger consumers embrace this
brightly coloured, vibrant and fun trend that embraces consumer culture across
the generations.
“Phillips
had an evening auction of what I call ‘short and sweet’ last week,” commented
Olyvia. “All the art was fairly lower value; young, hip, trendy, pop culture,
which I think is one of the biggest and fastest growing markets right now.”
3.
Virtual auctions will become more commonplace
When the
pandemic first struck, art galleries and auction houses realised that they
needed to innovate in order to keep the industry healthy. As a result, both
digital marketing and online auctions became more commonplace, reducing
historical barriers to participation and allowing more artists to reach new
audiences across the world.
According to
Olyvia, these new tools and innovations are likely to boost consumer
confidence: “So, you can use Zoom, FaceTime or even specially designed apps to
bid if you can’t be there in person. This will help ‘consumer market
confidence’ to return, especially after the summer.”
4. We
will see greater diversity equality and representation in the art world
The Black
Lives Matter protests and greater global awareness of systemic racism and
underrepresentation of minority groups has brought issues of race, diversity
and belonging back into the spotlight. As a result of this shift, several major
museums have developed diversity plans and have started returning artifacts
from the colonial era back to their rightful countries. Going forward, these
issues will continue to be important and we will see a greater focus on
non-white artists from around this world, continuing the work that Olyvia
started with her 2019 exhibition that celebrated the friendship of Warhol and
Basquiat.
Final
thoughts
Despite the
enormous changes that the art world saw in 2020, the future remains bright.
Thanks to numerous innovations, digital technology, and a greater sense of
unity within the community as a whole, the coming years look set to be more
exciting than ever.
