2018 Observations About the Art Market

Pugin & Rowlandson delt et sculpt, CHRISTIE'S AUCTION ROOM. / London Pub Feb 1 1808 at R. Ackerman's Repository of Arts 101 Strand. J Bluck Aquat. Collection of Metropolitan Museum of Art.

Pugin & Rowlandson delt et sculpt, CHRISTIE'S AUCTION ROOM. / London Pub Feb 1 1808 at R. Ackerman's Repository of Arts 101 Strand. J Bluck Aquat. Collection of Metropolitan Museum of Art.

In just eighteen days it will be 2019 and as much as I am indeed anticipating the new year, I’m equally as resolute about the things I’ve learned and seen in 2018 about the ever mystical art market. Below is a select list outlining some of the lessons learned and ideas considered about the art market over the course of 2018.

  1. Galleries, mostly smaller ones, are indeed closing.

  2. Some galleries are closing altogether, others are reinvisioning their existence into some form of pop up.

  3. Organizations like CONDO help by offering smaller galleries without a dedicated exhibition space the opportunity to co-create an exhibition, or utilize a space within a larger gallery. CONDO is currently operating in NYC, London, São Paulo, Mexico City, and Shanghai.

  4. A proper Banksy stunt will always send prices of his work soaring and proves time and time again that perception is worth more than the thing itself.

  5. Apparently, some art advisors are doing things like this.

  6. Jerry Saltz wants galleries to be supported and get paid their 50%, and he wants all artists, even the very bad ones, to make money at fairs.

  7. Seattle Art Fair remains relevant as a sign of the maturation, however gradual, of the city’s art scene.

  8. The median family income in Seattle as of 2017 was $121,000. It will, surely, be higher in 2018. Seattle Art dealers, cultivate this demographic now so they will be your steady clients in 5+ years.

A short list. Nothing particularly groundbreaking; however, these are definitely useful points of departure for future due diligence.

Negarra A. Kudumu

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