The art market has always been an investment game for the ultra-rich, with collectors vying to acquire valuable pieces that will appreciate over time. However, recent trends suggest that art is slowly shifting away from being viewed purely as a financial asset and becoming more of a lifestyle choice for consumers.
The COVID-19 pandemic has caused a major shift in the way people consume art. With travel restrictions and social distancing measures in place, traditional art buying habits have been disrupted. Many art fairs, auctions, and gallery show have moved online, making it easier for people to discover and purchase art from the comfort of their own homes.
This shift has led to a democratization of the art world, with a wider audience gaining access to art that was previously reserved for the elite. As a result, people are starting to view art as something that can enhance their lives and bring joy, rather than just as a financial investment.
Another factor contributing to the shift in attitudes towards art is the rise of conscious consumerism. Consumers are increasingly interested in supporting artists and buying from ethical and sustainable sources. They are more likely to buy art that aligns with their values and interests, rather than solely based on its financial potential.
This change is reflected in the types of art that are currently popular. Contemporary art that addresses social issues and reflects current cultural trends is in high demand. Artists who are using their work to bring attention to issues such as climate change, social justice, and mental health are gaining a following.
In addition, consumers are showing more interest in art that is created using sustainable materials and methods. Art made from recycled materials, for example, is becoming more popular.
Finally, the rise of the sharing economy is also contributing to the shift in attitudes towards art. With the rise of platforms like Artsy and Saatchi Art, it is becoming easier to discover and buy art online. Consumers are also starting to view art as something that can be shared and enjoyed with others, rather than just as a private asset.
While art will always be a valuable investment for the wealthy, attitudes towards art are changing. Art is becoming more accessible, ethical, and reflective of current cultural trends. As a result, it is becoming a lifestyle choice for consumers, rather than just an asset.