Navigating the Canvas: Contemporary Art Market Trends in 2023
Introduction:
As we step into 2024, the world of contemporary art continues to evolve. Presenting a dynamic landscape that captivates both seasoned art enthusiasts and new collectors alike.
In this blog post, we'll explore the exciting art market trends shaping the contemporary art scene. Delving into our key observations on the art market this year.
Art Market Trends
Trend 1: Youth
In the ever-evolving landscape of the art world, 2023 has proven to be a pivotal year. Especially with the rise of young artists and collectors. This shift challenges traditional notions of the art market, bringing forth fresh perspectives. As well as diverse narratives, and a dynamic energy that is reshaping the industry.
Our Young Gallery
As a young gallery ourselves, this dynamic is clear by our 2023 awards. Winning Best Art Gallery in the South West and Best Art Space nationally this year.
Trend 2: Fusion of Traditional and Modern Mediums:
The synthesis of traditional and modern artistic mediums is emerging as a noteworthy trend in 2023. Artists are experimenting with combining classic techniques such as painting and sculpture with cutting-edge technologies.
Blending Old & New
Resulting in visually stunning and conceptually rich creations. Works that seamlessly blend the old and the new increasingly hold significant appeal for collectors. Those looking for innovative and timeless paintings for their collections.
Craig Alan
Craig Alan merges the mediums of photography, stencilling, image distortion and painting. We are thrilled to be able to welcome Craig to the gallery on February 7th for his solo show. Please contact the gallery to register your interest
Trend 3: Local artists
Art Basel reports on key trend this year. The rise of the share of works from local artists held in collections across the world, sitting at 53% this year.
Working With Local Artists
We proudly champion local artists and work closely with Bristol-based artist Anna Mazzotta this year. Some photos from our exciting event with Anna in November. Please get in touch to arrange a private view or to discuss the opportunity of your very own private commission.
Trend 4: Abstract art prevails.
The Artsy Survey 2023 demonstrated that abstract paintings have been the most important genre in the art market globally. With non-figurative paintings being one of the most important business of 59% of galleries worldwide.
Representing Abstract Artists
We represent a range of abstract artists including British artist Simon Kenny. His style is best described as 'lyrical abstraction'; characterised as a 'radical Turner'. In recent press coverage he has attracted significant attention for his growing collection of 'colour burst' paintings. Click to view our selection of Kenny’s works here.
Trend 5: Blue-chip artists
Finally, art market reports this year show that the most searched blue-chip artists include some of our own. Including Tracey Emin, Harland Miller, Keith Haring and Damien Hirst. We are proud to represent such a diverse range of emerging and investment artists at Studio 74. To see our selection of blue-chip artists that topped the art market charts this year.
Term Insight
Here are some descriptions of a few terms mentioned in this article.
What is Contemporary Art
Contemporary art is a term we use to describe the art produced in the present period. Typically from the late 20th century onwards, up to the current day. It encompasses a diverse range of styles, techniques, and mediums. Reflecting the cultural, social, and political contexts of the time.
Contemporary art often challenges traditional notions of art and explores new ideas, materials, and concepts. It can include various forms such as painting, sculpture, installation, performance, video, digital art, and more.
A defining features is its dynamic nature, continually evolving and responding to the ever-changing world around it.
What is the Art Market
The art market refers to the buying and selling of artworks. Both as a commercial activity and as a cultural phenomenon. It encompasses various players, including artists, galleries, dealers, collectors, auction houses, museums, and art fairs.
The art market operates on a global scale and involves transactions of artworks. This can range from ancient artefacts to contemporary pieces.
What Are Blue-Chip Artist?
Blue chip artists are those whose artworks considered to be among the most valuable and sought after in the art market. These artists have achieved a high level of recognition, often with established reputations and significant bodies of work.
The term "blue chip" comes from the finance world, where it refers to large, well-established, and financially sound companies. In the context of the art market, blue chip artists are similarly and typically a reliable strong investments.
Blue chip artists may include iconic figures from various art movements and periods. As well as contemporary artists whose work commands high prices and widespread acclaim.
What is Abstract Art?
Abstract art is a style of art that does not attempt to represent an accurate depiction of visual reality. Instead, abstract artists use shapes, colours, forms, and gestural marks. it does this to achieve their desired effect, often focusing on the inherent qualities of the materials. As well as the emotional or intellectual expression they wish to convey.
Abstract art can be non-representational, meaning it does not depict recognisable objects. It can use recognisable forms that are simplified, distorted, or exaggerated.
Conclusion for Our Art Market Trends:
As we traverse the ever-evolving contemporary art market, it's clear that the boundaries of artistic expression are limitless.
Whether you're a seasoned collector or a newcomer to the art scene, staying attuned to art market trends is important. It can not only enhance your aesthetic appreciation but also serve as a guide for strategic investments.
We are closed from the 23rd December and reopens on the 2nd January. We’ll be available behind the scenes so please contact us at any point over the festive period. We welcome any questions or enquiries.