Art Market Analysis: The Growth of the Art Market
Over the last few years the art market has grown extensively to become a recognised form of alternative asset all over the world. The art market has grown from a relatively narrow and restricted market to an expansive global market which, depending on the figures you look at, has been shown to be up to 20 times larger than it was in 1990.
This globalisation of the art market has provided investors with a certain re-assurance and sense of security that relates to the old theory of there being safety in numbers. As well as an increase in the number of art investors the increase in the number of countries and economies that are involved in the art market can also been seen to give strength to the art market as a whole.
With the digital age providing so much information, the art market has become more and more transparent giving people the facts and figures that they need to make an informed decision and has changed peoples perception of the art market. As entry into the world of art investment becomes more affordable and more widely accepted its profile is bound to increase attracting more and more participants.
It is important to remember that no investment market is totally safe no matter how large it is but the globalisation of the art market has certainly provided it with credibility and acknowledgment.
**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectables for Pleasure and Profit and contributes to many other publications.