The art world is in a state of reinvention. Once an exclusive and elite place, its new dynamics have created a directional pivot through piqued interest from Asian, African and the Middle East markets; the grassroots growth of art fairs, biennials and contemporary art museums around the world; and the democratising effect of social media as a gateway for artist exposure.<\/p>\n\n\n\n
\u201cThere’s been a radical change in the global infrastructure around how art is promoted, transacted and made accessible to people in parts of the world that had artists but didn’t necessarily have the means to put these artists on a global stage,” says Anders Petterson, founder and managing director of ArtTactic, a London-based art market research and data intelligence company established in 2001.<\/p>\n\n\n\n
The change felt organic and palpable prior to the pandemic \u2013 a natural progression enabled by technology but manageable in its pacing because it centred on coexistence with the traditional art world.<\/p>\n\n\n\n
The pandemic changed that. \u201cAll these live events, the physical infrastructure that we saw being built up was suddenly disabled during the first lockdowns,” says Petterson. The online market, which had been growing over the past decade, became the primary location for auctions. \u201cThere was this kind of attitude that you didn’t sell your good stuff online \u2013 but when the <\/span>only<\/em> <\/span>outlet was online, auction houses started experimenting.”<\/p>\n\n\n\n Sotheby’s and Christie’s historic auction rooms were quickly refitted as TV studios for live-streaming auctions and drew millions of viewers on Facebook. Combined, <\/span>the pair sold <\/a> <\/span>an estimated US$240 million worth of NFT art (non-fungible tokens \u2013 a form of unique digital asset stored on a blockchain) and digital collectibles in 2021.<\/p>\n\n\n\n The tech-first approach to art threw open the doors to an exclusive market of next generation high-net-worth (HNW) individuals, giving the curious a chance to engage without intimidation, says Petterson. \u201cIt had this veneer of neutrality or not being judged for who you are or how you look \u2013 it opened the gateway for a new generation to appreciate art.”<\/p>\n\n\n\n For Corrie Jackson, a senior art curator who directs the management and growth strategy of RBC’s art collection, the biggest shift in collector experience has come from the transparency of digital platforms. \u201cYou may not always get an exact price tag, but you’re being saved the initial ask of ‘How much does this cost?'” says Jackson. \u201cI see this often as a huge barrier to access, especially for new collectors who might not have a comfortable relationship with a gallery and are just starting to understand the market.”<\/p>\n\n\n\n There are many new platforms for buying and valuing contemporary art online. <\/span>Wondeur AI <\/a>, which researches the dynamics of value creation and biases in the art world, and <\/span>Artland <\/a> <\/span>and <\/span>Peggy <\/a>, both online art marketplaces, are just a few of the platforms finding their place in the mainstream and making the art world more transparent and accessible.<\/p>\n\n\n\n A strong sense of personal values is also driving digital adoption, says Jackson. There is a collective awareness of the industry’s environmental impact and the carbon footprint attached to collectors flying around the world to view work. Digital engagement is a more conscientious alternative. \u201cTechnologies can offer an opportunity to interact with artwork without the need for packaging and shipping it to a potential buyer,” she adds.<\/p>\n\n\n\nA contemporary approach<\/h2>\n\n\n\n