Conversations: Part 2 - The Art Market & Past Memories
Host:
On the topic of discovering art, especially over the last 24 months or so, what have been your thoughts on the current state of the art market?
Dana Cohen:
I think it’s important to talk about both the novice and seasoned collector.
I remember reading an Art Basel and UBS industry report called ‘The Global Wealth and HNW Collector Perspectives’ and I read that high net worth collectors are going to be very active in the art market in 2021 and millennial high net worth collectors were the highest spenders in 2020. According to the report, 30% of millennial high net worth collectors surveyed spent over one million dollars on art, and 72% spent over $100K. In my opinion, these findings have appeared to be substantiated.
True creativity is really one of the greatest skills and assets one can have. People want to support artists they believe in and it’s great to see first-hand. It’s important to remember that doing so can not only help an artist create a more important collection of art throughout their lifetime that allows them to make more significant contributions to the world through their creativity but at the end of the day, it can also support the initial investment made into that artist and their missions.
With improved technology and an increase in the efficiency of operational infrastructure, we are seeing an uptick in available information and a refreshing focus on transparency. Buyers are buying more art online than ever before. According to ‘Art Collecting 2021’ an Artsy report, among all collectors surveyed, 83% said they purchased art online at some point and 75% purchased art online within the last year.
Collectors are self-educating themselves and now have more access to the right tools and systems to do so. They are taking an interest in not only the importance of art but which artists they like, which artworks from those artists are aligned with their needs, and what they want to collect for a variety of reasons. Whether that be just for their main home, 2nd home, 3rd home, or even for a business or investment property, the demand is real.
Interest in commissioning murals, both exterior and interior, art installations, are all considered to be an integral part of the permanent infrastructure of an office or workspace, and/or other creative collaborations. With so many companies and businesses wanting to get their employees excited about returning to the office, they are partnering with artists to make this happen. One way this can be achieved is by investing in making a space a more creative and inspiring atmosphere and also by collaborating with artists.
There is a new emphasis on added transparency. Making information available in a direct way has always been an integral part of good business practices. With the goal of building strong relationships, I think it’s important to make as much information available as possible. Our clients are sharp, discerning and inquisitive. The only surprises they seem to like are good ones. They want access to trusted information and resources so they can make their own informed decisions.
Luke, you have been working in the art industry for over 20 years at an international gallery and auction house. You are a leading auctioneer, phenomenal public speaker, and you have a great deal of experience working with collectors.
Besides the current market, what memory stands out for you?
Host:
Rather than one experience, I think of the numerous experiences I’ve had with collectors that have since become friends. Being able to share art and information that has helped shape collections is a privilege.
I always take advantage of my free time when traveling. I love to walk and veer off the beaten path. I've always found the coolest galleries and best food that way - that’s how I came across The Maeght Foundation - Saint-Paul de Vence. One of the greatest personal collections and here I was at this stunning museum in the south of France looking at a monumental work by Chagall with no one else in the space. I love offering and discovering art from around the globe.
Please subscribe to our newsletter for a more interesting inbox
