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Monday, 11 May 2015

The Shift In Fine Art Purchase

By Emily Sigidson


I recently came across a very cool article that discussed the direction of purchasing in the fine art industry. It touched on some major changes that were occurring and hinted at what the future of art would look like. It was a very eye-opening read from the NY Times about the direction of e-commerce in relation to fine art. It touches on the hesitations associated with the online purchase of fine, expensive artwork and predicts a shift in this mentality.

It should come as no surprise that fine art purchases haven't skyrocketed like their counterparts, music and books. Fine art is an investment that requires more than just a few dollars to obtain. It is possible that this is one of the leading reasons why fine art purchases have not taken off...until now.

However, the upcoming generation has shed their parent's ideals on what it means to make this investment. They no longer require an in person observation before they are willing to go through with the purchase.

The next generation brings about a whole different mindset than that of their parents. They are more apt to make these expensive online purchases without viewing the artwork first hand. Having grown up with the Internet, there is a trust and comfort level that is brought about, setting the new standard for the purchase of luxury goods. They are loyal to the simplicity of acquiring goods through a few simple clicks. There is no longer a commute and excessive time spent. It is an efficient means of researching and acquiring that which young investors desire.

It would appear that the art scene would begin its journey into modern day consumer purchases, as wealthy investors begin to take comfort in luxury purchasing online. These changes appear to be happening quickly. With that being said, prepare for some major and exciting changes coming to the art world!




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