Why Does the Art World Never Talk Business?

HUR TABLE GUESTS

Aug 15

Why Does the Art World Never Talk Business?

With Faridah Folawiyo, Aindrea Emelife, Karen Foss Becker, Sophie Merrell and Isabella Rothman

By HURS Team

When we talk about art, the conversation often centers around the creative practice of an artist. But the ever-changing ecosystem of the $67.8 billion global art market remains mostly hidden behind closed doors. Global art sales have increased 3% year-on-year. After a strong recovery in sales of 31% in 2021, the market is now valued higher than its pre-pandemic level in 2019.

While digitization seemed to have had an influence on the democratization of the art market from a buyer and artist perspective, the business behind art and the influence of digital selling on the market remains a mystery to most of us. The art world has become a hybrid one, where relationship building IRL coincides with online sales mechanisms, creating a business that’s becoming increasingly layered. Made up of a variety of players, including artists, galleries, collectors, investors and auction houses, everyone who’s part of the market has their own rolodex of contacts – relationships that are often years in the making – that might lead to sales. While some try to become part of the existing guard, others are building ecosystems of their own, creating platforms that make art more accessible or more welcoming to first-time buyers and sellers.

While it’s one thing to understand the players and markets – or decide to remove yourself from the existing model – you can only play the game if you know the rules. Many have spoken about the art market becoming more inclusive, but as long as there’s no transparency on the inner workings of the industry, there’s no real way for new artists, collectors, galleries and investors to participate.