Offline Art Auction Market will Witness an Incremental Growth of $7 Billion by 2024 | Arizton

The global art auction market is expected to reach over $38 billion by 2024. The use of Artificial Intelligence technology in the art auction market is expected to increase revenue streams, help make decisions, and enhance user experience. Since the art market is unpredictable, highly volatile, dependent on research and knowledge, and held by the reins of taste, emotions, and human subjectivity, it makes for predictive AI technology a compelling reason to harness the potential of big data.

This research report on the art auction market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on segmentation by channel(offline and online), price (top end, medium-range, low end), product (fine art, decorative art, and antiques), and geography (APAC, Europe, Latin America, MEA, and North America).

Several art auction online marketplaces and art auction houses are using AI and machine learning technology to support artists in selling their work and assisting collectors with finding pieces they would like for purchase.

The entry of blockchain is expected to improve trust and transparency in the global art auction market by offering new owners a trusted place to carry out due diligence, explore provenance, thereby reducing transaction costs by eliminating intermediaries and making more informed purchasing decisions.

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Offline auctions have become more diverse in terms of lots. The offline segment is likely to retain its dominance in the art auction market as it is one of the few cultural-led businesses that has not been affected by the digital revolution. Several vendors are offering incentives to get edgy buyers and sellers to participate in auctions. Hong Kong, Japan, and South Korea have recorded massive growth. However, Europe, where most large auction houses were born, remains a broad zone of supply and export. Since the online market has tons of potential for those with a penchant for art regardless of their budget, the segment is expected to grow. Online auctions are expected to overcome several challenges arising from the broadening market - auction rooms are a little small to be able to cater to an expanded audience, exacerbated by the lack the logistics and the funds to cover the expensive catalogs.

The report includes a detailed segmentation by following types:

Market Segmentation by Channel

Offline
Online

Market Segmentation by Price

Top End
Medium Range
Low End

Market Segmentation Geography

APAC
China
Japan
Australia
South Korea
Europe
Germany
France
UK
Switzerland
North America
US
Canada
ROW
Brazil
South Africa
UAE

Key Vendor Analysis

The art auction market is a duopoly - Sotheby’s and Christie’s. This is mainly because of the growing number of wealthy buyers that are contesting for a dwindling supply of the most famous artists. Both the firms have combined sales of more than 80% of works going for more than $1 million, and the competition between them is active. As Sotheby’s goes private, it is expected to intensify as the company regains its ability to compete more successfully with Christie’s without having to cut back on its negotiation for guarantees, specifically in high-value assignments. Phillips, however, while still far behind in terms of revenues, is showing quite some potential in catching up.

The market is not plagued by artificial scarcity. Most houses put on sale anything with very few exceptions. They mostly do not have deadweight loss excluding for a little more than a quarter of lots that do not do well at auctions and then sit in storage rooms. Vendors nevertheless face the challenge of sourcing of valuable, quality property to sell. Seeing as competition also comes from art dealers across all collecting categories, it is essential that vendors create meaningful, personal, and institutional relationships by providing clients with guidance on identity, collection, acquisition, and development. Auction houses must further aid with services that fall under finances, personal considerations, and logistics when it comes to helping clients sell their artwork.

Prominent Vendors

China Guardian
Christie’s
Phillips de Pury& Company
Poly Auction
Sotheby’s

Other Prominent Vendors – Artcurial, Artsy, Beijing Council International Auction Company, Bonhams, Bruun Rasmussen, DESA Unicum, Dorotheum, Doyle, Grisebach, Heritage Auctions, Invaluable, Koller Auctions, K Auction, KettererKunst, Lempertz, Mainichi Auction, Paddle8, SBI Art Auction, Seoul Auction, and Zhong Cheng Auction

Read the full report: https://www.arizton.com/market-reports/art-auction-market

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