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.