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Art and Sculpture Market Segmented By Artifacts, Sculptures Product in Auction Houses, Dealers, Galleries, Art Fairs, Online Sales, Retail Outlets, Individual Sales, Artists Studios
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.
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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.
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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.
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.
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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.
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