6 Art and Tech Trends to Look Out For In 2024
1. Greater Institutional Involvement with Digital Art:
In 2023, institutions like Paris Photo embraced the digital age by dedicating a sector to photography in the digital realm. This trend is expected to continue in 2024, with more institutions showcasing artists who leverage digital realities in their work. The institutional embracing of digital art signifies a broader shift in the perception of technology as an essential component of artistic expression.
2. The Continued Growth of Online Sales:
Despite a slight dip in 2023, online art sales remain a formidable force in the market. This year will witness a surge in online offerings, particularly in the lower price segment, providing a gateway for a diverse range of buyers. Online sales are poised to stay, encouraging broader participation in the art market.
3. Art Collections in the Digital Age:
The adoption of digital art-buying platforms is enabling new and emerging collectors to enter the art market, transforming business practices and creating a more accessible art market. The convergence of art and technology is also redefining how collectors are managing and valuing their art collections, fostering greater security and transparency. This trend is only set to grow in 2024.
4. Blockchain's Impact on Art Market Transparency:
Blockchain technology demonstrated its transformative force for good in 2023, as explored by Gretchen Andrew for The Art Newspaper. From automated payout splits, to greater privacy and enhanced authentication, blockchain's positive impact on the art market will be more pronounced in 2024.
5. Hybrid Digital and Physical Experiences:
In 2024, galleries, especially smaller and mid-size ones, will continue to reevaluate how they invest in physical spaces. The spotlight will be on bridging the digital and physical, with galleries exploring innovative approaches to engage collectors online. Our panel during Art Market 2050 also explored how this trend will impact art auctions in the future.
6. NFTs in the Mainstream Art World:
In a recent Twitter Spaces #Web3 Art Roundup organised by LiveArt, Brian Droitcour, Editor-in-Chief at Outland, emphasised that NFT spaces moved toward assimilation into the art world last year. Notable signs included major institutions like the Centre Pompidou and the Los Angeles County Museum of Art making substantial NFT acquisitions. As digital and NFT spaces become integral to the art market, we expect further integration into mainstream art practices and collections in 2024.
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