Market Size: Contemporary Art
Determine the size of the contemporary art market in the U.S. and globally to inform an estimate of the demand for an art education product.
Market Size: Contemporary Art Related Findings
- In 2019, there were 70,000 pieces of contemporary art bought or sold at auctions around the world. This figure is approximately the same as for the total art market in the early 1990s, according to Artprice, demonstrating how much the market for contemporary art has grown.
- The U.S. is the primary market for contemporary art, according to Artprice in 2019, but the Asian region is coming up quickly as well. Hong Kong is the fastest growing market in Asia. The U.S. and Asia account for 66 percent of the contemporary art market.
- 90 percent of Millennial-aged collectors are interested in contemporary pieces.
Demand for Art Publications and Content
Summary of Early Findings in Relation to Goals
The first hour of research involved outlining the project to determine if the requested information is available. The research team identified several data points related to the market size for contemporary art with some differentiation for geographic areas. We can continue this research if requested.
Additionally, the research team identified various circulation levels of art-related publications to provide a perspective on level of interest around the world. Contemporary art-related social media accounts were also scanned to determine level of interest in the digital realm. We can continue this research if desired.
Proposed next steps:
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