Bubbling Art Market

Kaitlyn Ancell

Madelaine D’Angelo’s article, “Is There a Bubble in the Art Market?” (2015), asserts that the art market is increasing at a massive rate and will eventually level out in sales, rather than viewing it as a growing economical “bubble” that’s bound to explode with negative consequences. D’Angelo supports this by explaining how the use of technology and globalization in the art market has positively effected the majority of art sales in the 90th percentile, while the high end sales are expected to level off with the additional global participants becoming involved in the market, such as China. The purpose of the article is to persuade the reader that the growing art economy is creating a healthy rebalance of consumerism in the art market in order to support the use of online technology for sales and globalization. Because of the interest in statistical growth and economical effects addressed in the article, D’Angelo is writing to an audience that is concerned about backlash from the inflated industry, as well as art consumers that support the use of e-commerce in the art market.

Technology is making it increasingly simple to purchase quality artwork online in a matter of seconds, and according to the article the growth is not expected to stop anytime soon. After reading D’Angelo’s argument, the internet seems to be the best possible door that could have been opened to the art industry. When traditional methods of art sales were the only way to purchase products, the art market was a snobbish area of life that was almost unobtainable by the majority of the population. But, through globalization and technology, the art market has become a more widely accepted online business that has interested many people. The reality of this market not crashing at any point in the next decade is a bold statement in my opinion, only because the way cultures value artwork can change in short periods of time. Could it be possible that the growing market would turn off high net worth individuals to this trade because it is too highly available? Although this group of people is always looking for the best new trend to start, it is highly unlikely the richest of the population will be turned off to the $10 million dollar painting they have found through a sophisticated online art gallery. One of the reasons I believe this market is growing so drastically is because the online platforms have made it easier for individuals with no knowledge of sophisticated art work be able to buy pieces with expert opinions that are only a chat room away. In addition, globalization has allowed many countries across the world to get involved, reaching toward a diverse group in need of a wide range of products. However, how many underdeveloped countries are left out of the online market? And will there ever be a chance for the growing market to include these countries without the backlash of the technological gap? If there is a way that more countries around the world will become developed and included in the globalization of the art market, I believe this segment of the economy will flourish even more than expected.

 

D’Angelo, Madelaine. “Is There a Bubble in the Art Market?” Huffpost Arts & Culture. The Huffington Post, 24 Nov. 2015. Web. 23 Feb. 2016.

http://www.huffingtonpost.com/madelaine-dangelo/is-there-a-bubble-in-the_b_8630434.html

 

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3 thoughts on “Bubbling Art Market

  1. This article also makes me wonder, what about those artist who own businesses and prefer in-store sales? Are they just forced to join the online community in order to keep up? I also thought about depersonalization, do some people find the online transaction too impersonal and cold? The buyer never gets to hear why artist invented the piece nor the artist knows how it makes their buyer feel. Sure you can leave a comment, but it may not feel the same as a face to face conversation. Perhaps it’s not a problem, but I’ll look into it.

    Morgan

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  2. I agree that the globalization has allowed many countries across the world to get involved, which is huge for the economy as it now has a much larger consumer base. However, while I agree that the art market is in a much better place than where it was several years ago, I feel that it is difficult to know where that market will be years from now. No, the interest in art and finding those unique pieces will never fade but I also agree with what Kaitlyn said about the possibility that the growing market would turn off high net worth individuals to this trade because it is too highly available. I appreciated how informed this source was and the perspective it added towards this issue.

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  3. I agree that the growing online economy has definitely benefited the art community. As you said, art is much more available to the public, and people have knowledge of artists that they otherwise would have never encountered. However, I do think that the over saturation of art could be a problem. Yes, people will never get tired of art and will always keep looking for more, but it does seem like artists that work on exposing their work benefit a lot more than just as talented artists that use the same website but don’t know how to advertise themselves.

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