2023 Art World Predictions

Feb 25

Feb 25 2023 Art World Predictions

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2023: Continued Boom or Inevitable Bust?

Since it is February already, if I am going to make predictions on how the art market will fare this year then I better go ahead and make them before any more time passes! I've also released the first episode of season two of Art Breaker. This season will be all about art as an asset class and I invite you to join me in this ongoing conversation.

2023 Art World Predictions

I think the breaks may be pumped a little on the art world's pent up activity the pandemic caused in 2022, but I don't think we will see a massive reduction in the market, even if there is a recession.
The rich continued to get richer during the pandemic and even if they are impacted by a financial downturn, it will be nothing like the strong correlation the two markets shared in 2008.
I think the rise of online bidding will continue to grow collector bases worldwide, and that many cities can host thriving art markets beyond the traditional art capitals that have been previously relied on.
What has happened in Asia is a great example of this phenomenon. Given the changes to Hong Kong, it is no longer the solo hub, but Seoul, Singapore and Tokyo can easily share the wealth.
I think NFTs values were always strongly correlated with the value of cryptocurrency and their diminishing interest in the art market is fully attributable to the turbulence in the crypto markets.

Learn About Art as an Asset Class on Art Breaker

I recently released the first episode of season of two of Art Breaker: a podcast about innovation in the art world. This season will be all about art as an asset class and in the first episode I explore the parralells between angel investing and collecting art. Here are the links to listen to all episodes on Spotify or Apple Podcasts.