Investors are generally more cautious during a period of economic uncertainly. Naturally, this is having a huge impact on the entire art ecosystem, affecting artists and galleries, as well as the huge number of other people who make a living from the community.
However, the art industry is impressively resilient. In recent history, there have been many other periods of precarity, including recessions, previous health pandemics, and unpredicted events which have sent shockwaves through the world… but the art industry has always recovered.
According to a Statista report, in 2019 the global art industry was valued at $67bn, a stark contrast to the art market’s $39bn evaluation in 2008 and 40% decline between the recession years of 2007 and 2009.
It cannot be denied that covid-19 is an unprecedented event that will have rippling effects for years to come, but it will do collectors well to remember that, as we have seen before, normality will eventually resume and the market will recover.
We are very excited about the intersection of Art and Blockchain Technology, in particular, we see the rise of NFTs (Non-Fungible Token) as one of the most promising areas of the industry.