Top Predictions for the Art Industry in 2020 from Sean Green

I don’t know about you, but I have enjoyed reading the predictions for the art industry in 2020. It’s interesting how much weight we put on the beginning of a new year, now is the time we make changes! When in reality, we work every day to improve our reality for both the immediate future and the long-term.

Speaking from experience, my team and I spent an extensive amount of time in 2019, listening to our clients and non-clients alike on what they need and want to improve their business. Based on my personal POV and professional growth, which included the addition of Inventory Management to ARTERNAL’s offerings, I’m sharing the 2020 art industry predictions that resonated with me the most.

#1) “DATA WILL RULE,” from Artsy’s What’s Next for Art in the 2020s

Unsurprisingly, the prediction that stood out the most to me was, “Data will rule.” As data-gathering methodologies become more popular, Artsy broke down how three individual art communities – mega-galleries, museums, and artists – are going to utilize data heading into this decade.

 “As mega-galleries sprout into institutional behemoths, who’s to say that they won’t eventually start employing their own data teams to assess artists’ markets or the viability of a certain international art scene where they may want to put down roots?” 

Considering our clients range from mega-galleries to small and localized, I found this of particular interest. Admittedly, I’m very biased in favor of data and happily have witnessed the art industry beginning to accept the importance of data to the growth of their business. I am also aware of the notion that “mega-galleries will only get more mega,” which is another Artsy prediction. Although I appreciate the idea to bring it all in house, I believe it’s better in theory than reality when applied to an art gallery, regardless of its size. 

Instead, the “buy, don’t build,” mantra rushes to mind, and I’d counter that mega-galleries, along with their smaller counterparts, will invest a consolidated solution (ARTERNAL) to leverage their data to help them do what they do best! And in case it doesn’t go without saying, I mean, of course, establishing relationships with collectors and selling on a global scale.

Biases aside, data is an important conversation, and we aim to democratize the toolset. Intuition + Information is a superpower, and it’s available to galleries of any size. Information in the form of data is how we help galleries make the shift – with our solution. 

# 2 “The world auction record for a living African American artist will be broken for the second consecutive year,” from Nine Heart-Racing, Highly Specific Predictions for the Art Industry by Artnet.

To preface, this article, written by Tim Schneider, is actually for 2019 predictions, and I found it by first reading 7 Dramatic & Highly Specific Predictions for the Art Industry in 2020, both of which are worth a peruse.

The rise in popularity and demand for Black Artist’s work is a subject that has been gaining traction for some time now and will continue to do so. Moreover, as the only black CEO driving technology in the art industry, I take a personal interest in following it. 

“This prediction is really a proxy for a larger one that’s harder to quantify so neatly. By the end of 2018, it became undeniable that artists of African descent had become buyers’ and dealers’ new favorite demographic for value investing (if you want to be diplomatic) or rampant, exploitative financial speculation (if you don’t).”

Hard to quantify, indeed. Yet, this prediction proved accurate as in November 2019, AN IMAGE OF BLACK LOVE by Kerry James Marshall went for $18.5 million at Sotheby’s, the second-highest ever paid at auction for a work by a living African American artist.