Steven Sulley – Founder of Woodbury House.
Contemporary art is worth nearly $2.7 billion in market turnover and accounts for a staggering 15% of the global art market. When it comes to artwork of the present day and relatively recent past, it has become almost impossible for collectors, investors and others in the fine art industry to ignore this important and rapidly growing area of fine art.
Given the current uncertainty and unpredictability of current world events, it may seem like an ambitious undertaking in trying to anticipate the future of contemporary art. However, there are already certain trends that I see visibly developing and I think are of particular importance.
So, what emergent trends should we expect to see in the coming years, and how will these impact those looking to buy or sell contemporary art?
Expect the unexpected.
The art world is one that is often viewed as being steeped in tradition and somewhat closed off. Few, then, would have predicted the radical transformation of the art market that happened in just a few short years, predominantly accelerated by the pandemic.
Though slow to embrace digital channels, technology has now become irreversibly intertwined within the art world. This is evidenced in the unprecedented popularity of online auctions, digital viewing rooms and, of course, the growing role of social media for discovering art and artists.
The future is green.
Sustainability is increasingly at the heart of everything we do across multiple sectors and industries, and the art market is no exception to this. Art is, above all, often a reflection of societal issues and concerns, and none are more prevalent in society than the issues of sustainability.
While this is already beginning to impact contemporary art in terms of the themes we are seeing in modern works, it is also impacting the works themselves, right through to the materials and methods artists use to create their art.
Collectors and investors must become aware of the environmental ramifications of the art market, as well as open themselves up to new and innovative methods of art creation.
This is especially important in terms of resale value. With sustainability concerns firmly here to stay, I see art that is able to successfully tap into this timeless and timely message will undoubtedly also possess a better resale value.
Painting is not dead.
Contemporary art is hugely varied, representing a wide collection of mediums that have, over the decades, fallen both in and out of fashion. Painting, however, I believe is here to stay. Though it is not uncommon to hear the declaration that painting within contemporary art is dead, it continues to thrive, albeit in various forms.
While new trends in art are constantly emerging, it is safe to say that the art market as a whole will still be dominated by modern painting. As someone entrenched in the industry, I have witnessed how painting itself still remains the main driver of galleries, auction houses and art fairs.
What we are seeing, however, is how this medium is slowly moving toward increased diversity and inclusiveness. Traditionally, marginalized or underrepresented voices are increasingly coming to the forefront. The way for this has been paved by artists such as Jean-Michel Basquiat, whose 1984 piece “Untitled” sold at auction in 2017 for $110.5 million, making it one of the highest-grossing paintings created by a Black artist.
So, while painting is here to stay, the voices behind these works are set to become increasingly diverse. What this means for investors and collectors is that while traditional blue-chip art will of course always have a place, the shift in the zeitgeist means a greater opportunity to consider works from a range of artistic backgrounds.
Art is a reflection of culture.
The main thing to understand is that art, and in particular, contemporary art, does not exist in a vacuum. It holds a mirror up to society, with the work of artists being a manifestation of this link with society and the issues it faces. When as an industry we try to predict trends or the likely direction contemporary art will take in the coming years, it is always prudent to bear in mind the ramifications that this will have on both investment and resale value.
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