Art has become a major part of our everyday life and environment that we cannot do without. Art forms vary across different countries, cultures and communities, adding color to our surroundings. In the world today, art business is a major economic force with great worth attached to it by all and sundry. Gone are the days when art pieces are undervalued and only known as a commodity for the elites, it is now a global commodity selling through auctions, fairs and exhibitions.
The art space has created opportunities for both art lovers and artists. For artists, there is an increase in areas of specialization and an increase in income for them. For art lovers, it stimulates and enhances the way they think and behave.
Despite the boom in the art business, many artists are affected by underpricing, difficulty in licensing and weather fluctuations which affect preservation. With the rise of technology, many art galleries have been experiencing positive changes too. A modern art gallery must consider implementing the following to do well in this line of business.
The online space accommodates billions of people. In 2018 it was recorded that there are about 4.1 billion online users. As a result, there is a great need for an online presence that will guarantee the visibility of the art galleries. Hundreds of galleries open every day. Art is becoming digital and it’s hard for content to be seen due to other activities.
Personalization goes a long way to enhance online art products. You can implement this by using marketing automation tools to personalize email subjects according to recipients’ name if you’re sending out a mass newsletter.
Email marketing has recorded great success in many modern businesses. If you implement it, the competition will have less effect on your product because you have a target audience.
Sales news, statistics and audience spending pattern
As an artist, you cannot do without following the news about art and art sales in the industry. For instance, in 2017 when global sales increased by 12 percent to $63.7billion, the follow-up on such news will give an artist the idea on how to sell and the best season to sell.
There is a lot of uncertainty in the market today, including the everyday political noise which will affect the interest rate. A very good example of such news is the sales of ARTnews and Art in America to Penske Media Corp in February 2019 which led to a $200 million cash infusion from sovereign nation’s public investment fund.
Keeping a tab on trends in governmental policies will further boost your knowledge on what is affecting your sales positively or negatively. You should note for instance that any government policy that restricts migration will affect the influx of people in art galleries.
There is an increase in the interior design sector hence, a change in the spending pattern in this sector. As an artist, you should understand the spending pattern at different seasons to successfully carry out a satisfying exchange.
The current trend is that galleries are now reserving high-dollar artworks to avoid driving the prices down in the market. For example, mid-market sees an uptick while the high art piece sees a pullback. This results in a higher purchase by the collectors. Although this might restrict placing the expected worth on your art, it will enhance the sales and growth of your business.
Growth of virtual reality around the world
The increase in digital and virtual reality in the world today is the game-changer for online sales. This growth is largely disrupting ancient approaches to the art business. Hence, as a 21st century artist, it is necessary to follow the digital growth.
Technological advances have made it easy for most people to have access to smartphones and many of these people spend a lot of time doing various things on their smartphones. You can leverage this emerging trend, to make your marketing completely digital. For example, enhancing your website’s navigation is a good way to reach out to more people who use mobile devices.
The ecosystem trend of exchange
As an artist, you should be open to the trend of collaborative exchange with other artists all over the world. The world is already a global village, collaboration and not independence is the new goal. This collaboration will encourage an ecosystem of exchange of different artworks.
Your collaboration is not limited to artists only but also to companies, art collectors and organizations that can support and sponsor art fairs. You should aim at following, creating and sustaining partnership that will promote your art business.
Creating this ecosystem of exchange is not to extinguish competition but to enhance a collaborative space and symbiotic relationship in the industry. With engagement in exchange and collaboration among participants in the market, the entire industry could transform into luxury space for all.
The world has left the stage of mere advertisement and it has developed to marketing through interactive contents. Interactive content is an excellent medium of marketing. By allowing your audience to interact with your content, you can boost engagement and create more love for your gallery.
You put up content that tells the story behind every art and seek their opinion. For instance, you can put up an interesting and captivating interactive post asking; which of your works suits their current interior design or individual preference.
Interactive content plays an effective role for customer research. You can do this by asking followers in the social media space on what works, artists and events they like. Alternatively, you could even give them ownership by allowing a poll on their favorite piece to feature in an upcoming window display you are setting up or theme of your next exhibition.
It’s evident that the art market has stood the test of time and continues to remain strong, even with the changes in social and economic conditions all over the world. Awareness of domination of online sellers and taking the advantage is the best for any art business to stay relevant amid emerging trends.
Michael Gorman is a highly-skilled freelance writer. He is one of the pro writers from UK who writes bid4papers review and engages in custom writing services. Being interested in everyday development, he writes various blog posts and discovers new aspects of human existence. He can be contacted via Facebook or check his Twitter.