Metamorphosis of the Art Market Explained

Introduction:

In times of economic crisis, the cultural sector often receives one of the hardest blows. Tracing back to the 14th century, before the Renaissance, the Black Plague consumed one-third of the population in Europe; thousands of the fallen ones made a life out of the arts. The backbones that art has been standing on for centuries have always been quite fragile by nature. An economic crisis can easily cripple the balance of the art sector, but history has witnessed how the aftermath of a social or economic crisis actually can turn beneficial. The Black Plague took the lives of millions throughout Europe; nonetheless, after the nightmare, a myriad of wealth and prosperity dispersed throughout the continent, and affluent people had the freedom to spend their wealth in art. The Medici family is the paragon of artistic patronage during the Renaissance. Would it be possible that in actuality, the art market recovers, and in fact, grows from this crisis?

In more recent times, after the end of the Global financial crisis, in 2009, the global art market had plummeted 40% of its value. In 2010, the art market rehabilitated and during the last decade, the global value of the art market has maintained reasonable stability. In 2019, the art market value was worth over 64 billion USD; one of the highest points in history (Lock, 2020). Despite the stable rise from the last economic recession, the C-19 pandemic acquainted the art market with an unprecedented relentless wave of economic conundrums that changed the nature of the traditional art market. All over the world, art businesses have been forced to contemplate their horizons to survive, from lucrative art juggernauts, like Art Basel and Sotheby’s, to emerging art galleries. The art sector as a whole has been left without other options but to adopt new technologies capable of maintaining their financial health afloat. While we keep living in a contemporary environment that is highly sensitive to health pandemics, online markets will be the most efficient vaccin