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Implementing solutions for sustained growth in the Art Market

"Art Market | In a stubbornly stagnant market, major auction houses and galleries are reshuffling their leadership, searching for new ideas that will bring sustained growth" I was sparked to respond to the recent article by Melanie Gerlis in the Art Newspaper My two cents is: In the ever-evolving landscape of the art market, it is true that the main auction houses and mega galleries face this challenge of achieving sustained growth in the face of stagnation. We can see the art market is hitting global transaction value ceilings and adding into that the escalating costs, leveraging technology becomes imperative for these entities, particularly in areas such as inventory management, logistics, and customer service. Embracing technology in a sector historically slow to adopt innovation offers opportunities for efficiency gains and cost savings. In addition, enhancing customer experiences is paramount, especially for younger generations increasingly disconnected from traditional arts education. Providing educational resources and engaging experiences can cultivate a new generation of art enthusiasts and collectors. Collaboration with cultural partners in the museum world can bridge the gap between art institutions and the broader public, breaking down the perception of exclusivity associated with the art market. Initiatives like Art Money and Christie's outreach efforts signal a shift towards inclusivity, opening doors for broader participation in the art market, especially as the threshold values of artworks continue to rise in these entities. One thought could be to follow the example of some of the leading museums, auction houses and mega galleries could amplify their impact by taking important artworks on nationwide road trips, not just to their regional and international offices, exposing art to diverse audiences and sparking interest and appreciation. Ultimately, achieving sustainable growth in the art market requires a proactive approach from auction houses and galleries. By embracing technology, fostering educational initiatives, and strengthening ties with cultural partners, these entities can navigate challenges and pave the way for a more vibrant and inclusive art market ecosystem.

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Wilson Gil

CEO en AG Wilson Consultancy, Armoni Talent Acquisition y WTF Construcción, con experiencia en reclutamiento estratégico, coaching empresarial y dirección de proyectos.

2mo

Theodore, thanks for sharing!👍

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