Art collectibles Market Analysis- Size, Market Trends, Investment Opportunity, Growth & Forecast Analysis
Due to the intense demand from private collectors, museums, developers, purchasers, and other professionals, the market for art collectibles is rising. Collectible works of art are expected to be worth $1.7 trillion globally in 2021. Sales of art collectibles will significantly increase throughout the forecast period due to the development of numerous local artists, as well as the expansion of galleries and auction houses. Authenticity is added and secondary market trade is made easier by the NFT attachment of actual collectibles, according to a current trend.
With the introduction of new technologies, art and NFT are increasingly developing a correlation and a lasting coexistence. In 2021, the NFT market in China saw sales of almost 300 NFT items and a $232 million turnover. OCG purchased stock in Beijing Jiu Wu Ting Xing Technology Co., Ltd. In order to diversify into the metaverse industry. It appears that the business is on track to establish itself as a fully functional multi-service manufacturer in the e-commerce art, NFT, and collectibles market.
According to online shopping trends, 41 percent of customers choose new media art, a considerable increase from 17 percent in 2020. This is consistent with the growth of NFTs and the NFT market.
With 57 percent of purchasers paying less than $1,000, the prices that buyers are willing to pay are under $5,000. 91 percent of those who have purchased works have done so in quantities of fewer than five. Online purchases of art and collectibles are much more expensive than in the past. 95 percent of internet art consumers select fine art as their preferred style. However, the decorative art and jewelry industries have seen a huge increase—56% of customers purchased decorative arts (compared to 48% in 2020), and 26% chose jewelry (again, an increase from 15 percent in 2020).
Sotheby’s, Christie’s, and Phillips reported increases in sales of other collectibles by 56 percent, a 69 percent increase in sales of clothes and accessories, and a 42 percent increase in sales of jewelry and watches made exclusively online.
Art Collectibles Market Report contains the following pointers: –
- Market size, share, trends, Growth, Forecast
- Competitive Analysis/ Landscape/ Benchmarking
- In-depth SWOT Analysis
- Pestle & Porter Analysis
- Market Entry Strategy (Go to market strategy)
- Geographical Expansion
- Product Evolution
- Supply chain Analysis
- Product Pipeline Analysis
- Sales/Marketing Strategies
NFT and Digital Art buyers
The quick growth of the NFT and digital collectibles sector in recent years has also contributed to a significant surge in online sales. New types of digital goods, like NFTs, have made a successful market entry in recent years, gaining a sizable fan base and setting auction sales records. Additionally, they inspired younger generations to start collecting art, broadening the market and establishing a new pool of collectors.
It is anticipated that the traditional art market and a portion of the NFT business would eventually converge more significantly. 27 percent of the buyers who participated in the poll said they would buy an NFT in the future. Additionally, 82 percent of customers, or eight out of ten, stated that value potential is what drives them to purchase NFTs. 95 percent of those who spent more than $25,000 on NFTs cited investment return as their primary driving force.
With the introduction of new technologies, art and NFT are steadily developing a correlation and lasting coexistence. In 2021, the NFT market in China saw sales of almost 300 NFT devices and a $232 million revenue. OCG purchased stock in Beijing Shu Yu Ling Xing Technology Co., Ltd. To diversify into the metaverse industry. It appears the business is on course to establish itself as a fully functional multi-service provider in the e-commerce art, NFT, and collectibles market.
Dealers’ online sales grew significantly in 2020. Dealers in the $10 million price range more than tripled their proportion of online art sales to 47%. Around 63 percent of dealers also stated that their percentage of internet sales had increased, with only 21 percent stating the opposite. The majority of galleries who did not participate in online sales in 2019 began doing so in 2020, with 72% reporting online sales of paintings, prints, photographs, drawings, and sculptures.
Buyers who had previously made in-person contact with the gallery and those who had previously purchased pieces from the gallery accounted for about 31% of online art sales.
Dealers enhanced their internet presence techniques in recent years to increase their visibility and broaden the collector base. By adding interviews, video conferences, and other news content to their websites, they enhanced and broadened their online presence. They also increased their social media activity.
Online art purchases are up significantly from results from previous years. For instance, just 40% of consumers questioned in 2014 reported purchasing art online; by 2020, that percentage had risen to 68%, and as of now, statistics indicate that approximately two-thirds of buyers have done so.
While there have been some reservations in the past—in 2014, 56 percent of buyers still preferred to purchase art from physical locations, and in 2020, only about 51 percent thought that online sales would be a permanent part of the art market—today, a strong 84 percent think that the transition to internet sales is here to stay.
Aside from the growing confidence in online purchases, the skyrocketing sales growth of recent years provides more evidence for this. Online sales were expected to generate a profit of almost $3 billion in 2014. Nevertheless, it has now reached the $10 billion barrier, with sales up 72 percent and projections for future total sales to exceed $13 billion. Online sales totaled $12.4 billion in 2019.
Online sales’ percentage in the total value of the world’s art market rose substantially over time, from 2.4 percent in 2014 to 9 percent in 2019 and 25 percent in 2020. The percentage of internet sales that went to dealers jumped by three times, reaching 39%. Additionally, dealers claimed that new online buyers accounted for 32% of purchases.
Few people buy art for financial gain; most do so because it nourishes their passion. The market is thriving and busy, so if you’ve been approaching a few artists yet haven’t bought anything from them, this is the moment. Calculations that account for potential economic conditions and their impact on values and price cannot compare to the thrill of owning a piece you adore and can afford. Look at the expanding sales for Chinese and Asian art as well as the markets in Russia and Latin America. Future exhibitions of American and European art are possible.
Despite the shifting social and economic environments, it is obvious that the art market is still thriving. The market is changing and more sales are now being made on internet platforms, where it is simpler to find and support up-and-coming musicians.