Artists are trying to captivate new buyers with more entry-level pieces, explore positioning art in … [+]
During London Fashion Week, the iconic Galvin at The Windows restaurant was transformed into an ‘artwalk’. This was a unique art exhibition-cum fashion show featuring the works of former fashion designer and model Nat Bowen.
The designer showcased her trademarked Fragments® artworks reimagined as wearable art and carried down the catwalk by neon-clad models, all set to live performances of opera fusion.
The event comes at a time when industry experts suggest there is no better moment to invest in art, especially as some artists are creating more affordable, entry level pieces.
Gallery owner, Millie Jason Foster of the Gillian Jason Gallery explains: “The blue-chip art market has consistently outperformed the S&P (Standards & Poor’s index) multiple times over. And whilst industry connector, Art Basel reported that 2021 global sales of art and antiques were down 22% on 2019 pre-pandemic levels, the art market has arguably gone through one of its most rapid periods of innovation over the last 12 months.”
Artist Nat Bowen agrees: “ Since COVID where so many galleries needed to close temporarily a lot of sales went online which opened the market to younger, first time investors seeing the contemporary art market grow by 15.1%. Online and social media has always been a huge platform for my work with over 90% of my sales coming from it. In the last few years there has been a noticeable trend that has seen art breaking out of traditional galleries and virtual galleries growing in popularity. Discovering new artists on social media has also become the norm with buyers following the creators journey and getting to know their work directly from the artist themselves. “
Covid-19 hit the art-world with intensity. Galleries closed, auctions and art-fairs ceased in real-life with some converting to an online only experience, The Art Newspaper cited research that despite the efforts of gallery owners to modernise, revenues might have declined as much as 72%, with the UK dealers having the bleakest view of the future.
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Established in 1744, Sotheby’s is the world’s largest marketplace for art attracted the largest number of first-time buyers in 15 years with a 27% increase over 2019. This was achieved with the development of digital tools such as a digital catalogue, enhanced social media and reimagined live auctions online. In 2020, over 40% of the bidders and buyers in online auctions were new to Sotheby’s, and the number of buyers under the age of 40 doubled.
Artist Bowen has also identified that there is opportunity in creating more entry level pieces for that younger audience: “Several artists, myself included, are diversifying our offer with our large scale high value pieces alongside entry level, more affordable pieces of original art to help novice art collectors get their foot on the ladder. The ‘Fragments’ collection showcased at Galvin at the Windows, are smaller versions of our large scale pieces making art a possible investment for more people.”
So what should a novice buyer look for when considering investing in art?
“The art world is a daunting place for novice collectors. The first question I receive from burgeoning collectors is ‘how do I know where to look’. As a novice collector, following your favourite artists and art advisors on Instagram is a good place to start. Take time to figure out what your taste is and what sort of artwork you identify with – abstract, figurative, sculpture, photography etc. “ advises Millie Jason Foster.
Bowen echoes the sentiment “ Investing in art is for long term gain and there’s the chance it will be with you for some time. Unless you will be putting the work into climate controlled storage, you will be displaying it so it’s ideal that you enjoy that work while you have it.
As art is breaking out of the galleries and into alternative viewing platforms and locations, perhaps a restaurant is just a good a place as any to find new buyers and fans.
As the hospitality sector has also felt its share of Covid-19 lockdown pain, partnerships outside of the usual food and drink sector may be a great place to start. General Manager of Galvin at Windows, Peter Avis: “It is my ambition to inspire guests through this next-level dining experience that redefines the style of service, style of artwork and style of modern cuisine,”
At the art-walk event, Bowen identified that it was time to bring art into relaxed and sociable spaces, perhaps helping in the reinvention of how people discover and acquire pieces.
As Andy Warhol famously said: “Being good in business is the most fascinating kind of art. Making money is art and working is art and good business is the best art.”
