Global Art and Sculpture Market: Analysis and Overview
Art and sculpture market is transforming from traditional collectibles mind-set to an investment mind-set, and several companies have started mutual funds for art and sculptures. These mutual fund companies invest their customer’s money for around four years and invest in buying profitable art works. These artworks are then sold to obtain substantial ROIs. This has increased the sales in art and sculptures market, as the spending power has altogether increased.
The market is unregulated in many ways. For instance, art advisors, dealers and galleries don’t need certificates or licenses to operate. At the same time, forgeries, conflicts of interest and undisclosed commissions are a concern for collectors. Increased regulation is often suggested as a means to make the market more transparent and professional. But until then, operating in the art and sculpture market provides opportunity for professionals to settle as competent art advisors.
The presence of prestigious auction houses is likely to fuel the global art and sculpture market in North America
One of the major drivers for the market is the United States have the world’s prestigious auction houses and dealer’s circles. This helps attracting different customers to go for investment in art and on the other hand give assurance to the people for the safe investments with less probability for frauds. The U.S. is one of a good trading countries which is a driver for the region as the country has more favourable policies to encourage artworks. The region shows critical importance to the art market and hence welcomes most of the bestselling artworks in the region form the foreign artists which circulates in the region creating a capital generation for the market. Similarly, there are many collectors in the region who goes to every limit to buy an artwork they like. Not only imports, but there are many artists which work on different art forms and sell their artworks in world. Sometimes the artists goes for the buyers who they believe need the art the most.
Availability of low cost, consistent quality raw material is expected to create a positive impact on the art and sculpture market in Latin America
The availability of low cost raw material is the significant factor which is creating a positive impact on the market in Latin America. The stones used for sculpture are available in the region on a large scale. The low cost of raw material is complimented by low labor and transportation cost. There have been the emergence of many local artist in the region who have started to grow the market in the region by private sales. One of the drivers for the market in Latin America is the high growth of North America market and the presence of prominent players in the market of North America who directly go to the Latin America region for finding good art pieces in the less price. The culture and trend in North America make impact on Latin America which increases the collection of art pieces.
Government support and increasing tourism activity to boost the growth of the art and sculpture market in Europe
The art market attracts high value inbound visitors to events such as art fairs, major auction sales and exhibitions. Art fairs, major auctions and exhibitions provide cultural benefits by bringing great works of art especially to the U.K. Another driver is that the art sector is largely supported through public funding. Arts Council England, the national agency providing government funding for the arts in England, providing 406 million British pounds in subsidies (2014/15) to its portfolio of regularly funded organizations. Europe being a large region has much collection of art and this has been a driver for the region. Abundance of artworks leads more than 60% of it to be exported. The export leads the region to secure the base revenue from the artwork and let free the artwork for resells in other regions.
Private collectors is forecasted to be the highest growing end user segment between 2017 and 2025
In terms of value, private collectors segment is projected to be the most attractive segment in the global art and sculpture market during the forecast period. In 2016, private collectors segment was valued nearly US$ 3000 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period.
Persistence Market Research has published a new report titled “Art and Sculpture Market: Global Industry Analysis 2012–2016 and Forecast 2017–2025” to offer its clients with crystal clear picture of market trends and opportunities in the global art and sculpture market during the projected period of eight years, i.e. between 2017 and 2025. While examining this market, we have considered market consolidation activities such as merger and acquisition, collaborations, partnerships, license agreements, patent transfer, which may influence the market growth between 2017 and 2025. It has been noted that currency fluctuations and changing taxation policies would have a significant impact on forecasting of global art and sculpture market over the forecast period.
Macro-economic indicators such as art and sculpture market outlook, gross domestic product and others have been considered to arrive at the indicated market numbers. Bottom-up approach has been used to assess market numbers for global art and sculpture market, while the top-down approach has been used to counter-validate the reached numbers for global art and sculpture market. Historical trends have been analyzed to track the data. The global art and sculpture market report begins with the definition of the market. Relevance and impact of forecast factors is used to estimate the market. It is followed by an overview of market dynamics which includes Persistence Market Research’s analysis of key trends, drivers, restraints and opportunities which are influencing the development of the global art and sculpture market. Impact analysis of key growth drivers and restraints based on a weighted average model has been included at a regional level in the market report after detailed analysis of individual regions to better equip readers with meaningful insights on ongoing developments in the global art and sculpture market. In the final section of the report is dedicated for the detail profiles of various art and sculpture houses which are also included in the scope of the report to evaluate their long- and short-term strategies, key offerings, SWOT analysis, and recent developments in the global art and sculpture market.
By Product Type
By Sales Channel
By End User
In-depth secondary research is used to determine top industry auction houses, galleries, art fairs, online Platforms, types of products, the end users, overall market size, and buying/selling procedure. We have also developed a list of industry players (Auction houses, Galleries, Art Fairs, Online platforms), distributors, retailers, and industry specialists. Data is validated by triangulation method, in which secondary, primary and Persistence Market Research’s analysis contribute to the final data with the survey accounting for the generalized view through end user perspective. In order to conduct industry expert’s interviews, this market research company has formulated a detailed discussion guide. We have conducted interviews with industry experts, industry players, distributors, and retailers for data collection and verification. The End user survey is also taken in account with some specific focus surveys like for Interior Designer.