Market Trends of Europe Arts Promoter Industry
Rising High Net Worth Individuals In Europe
- Most of the art forms in Europe are sold through auctions in either online or offline mode. Art forms are emerging as a popular investment product for higher return and portfolio diversification among the high net worth individuals (HNWI). With the increasing participation of HNWI in these auction sales, and value of art forms is observing a continuous increase in price and value.
- This rising value of the art market is increasing the revenue of Aat promoters with a rising commission and attracting artists to list an increasing number of paintings in Auction. The number of HNWI in Europe is observing a continuous increase over the years, rising to more than 19 million with a net worth of over one million USD. Germany, France, the UK, Italy, and Spain are among the European countries with the highest number of HNWI are exist among major European countries influencing the art promoter and artist market in Europe.
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Expansion Of Digital Innovation To Arts Market
- Online sales of the art and antique market observed a significant rise globally, creating a positive impact on the sales of the European art market as well. With the advent of the pandemic, Online art sales in Europe observed a significant rise through online channels. European Union, in recent years, has had 26% of its art sales transactions through online mode at the fine art auction, with the United Kingdom having a share of 43%.
- Social Media is emerging as a platform with a diverse opportunity for arts promoter to expand their market and sales. With a continuous increase in social media users around Europe, it has become an effective channel for advertising art auctions and art fairs among a large set of population. The Expansion of digital art and NFT in the European region is creating new opportunities for artists as well as art promoters to explore.
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