Artlogic, an integrated business platform focused on the art industry, recently released a new webinar that takes an in-depth look at Art Basel and the UBS Global Art Market Report 2024 and discusses relevant insights for galleries and dealers. In partnership with author and economist Dr Claire McAndrew, with additional input from market experts Josh Bear and Maureen Bray, 'Navigating 2024 Art Market Trends for Dealers' We've identified patterns and translated raw data that shows you the path to success.
What emerged from the conversation was both the need for an omnichannel approach where all channels are integrated to serve consumers, and the observation that much of the art market already works that way. was. From art fairs and exhibitions to social media and digital marketing, the diverse facets of the art market are converging to provide an omnichannel experience for all involved. McAndrew, Bear, and Bray pointed out that taking a focused, purposeful, rather than reactive, approach to omnichannel market engagement offers greater potential for success and growth. It means that it can be done.
Despite the pandemic's pivot to online platforms, in-person experiences remain an important part of business, with fair and gallery walk-ins still some of the top choices for new buyers. It becomes. Furthermore, most high-priced artworks are still sold offline, according to the UBS Art Basel Report, with “more than 95 percent of transactions in online-only auctions priced under $50,000. ”. A parallel increase in online sales has also been seen, with the report stating that online sales “grew 7% to account for a total of $11.8 billion (18% of the market), with the digital component of the art market surpassing other industries. “We have come to be on par with each other.” , highlighting how this part of the art business is maturing. ”
Taken together, the importance of a robust omnichannel approach that allows galleries and dealers to meet collectors wherever they are and plan a seamless buyer journey is clear. However, leveraging both digital and in-person methods in tandem can be difficult. This is where an integrated platform like Artlogic is considered invaluable, allowing users to oversee and strategize essentially all aspects of art sales and marketing, allowing collectors to sell and sell their artwork. You can create a number of interfaces that you can interact with and purchase.
Tools like Artlogic Private View Links allow you to share customized artwork selections with clients, email and digital marketing campaign builders, and the Artlogic app, covering the basics of an omnichannel approach. It also includes features such as Artlogic Pay, which efficiently streamlines sales and increases customer trust.
Analyzing market data makes it clear that the future of art sales is omnichannel, and overcoming both infrastructure and online barriers through platforms like Artlogic presents greater opportunities for success. .
Watch the webinar “Navigating 2024 Art Market Trends for Dealers” by Artlogic here.
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