Categories: Tech, VC
The Art Market needs to be more inclusive and reach new customers
Written by Feral Horses on Sunday, October 20, 2019
To introduce the Art Investment market, I would like to start by introducing a problem that has been present for a long time in the Art market but that none of the big players decided to uncover until a couple of months ago:
The 2018 Art Basel Report finally states the obvious, but at least finally we are getting there: The art market needs to open up to way more people and with different price points because the polarisation is destroying the possibility of a market expansion. Really?
The discussion of the 2018 Art Basel and UBS report is mainly based on how to tackle the polarisation problem of the art market and the different causes this has. The report states different solutions but the main one is to enlarge the consumer base.
Part of the market still has some room to survive thanks to the scarcity of the offer, but the majority of the players, especially in the contemporary art market, need to convert new pools of customers.
The usage of online channels seems to be a potentially winning strategy. Not for traditional clients, but mainly to attract new clients. The new art e-commerce businesses continue to have more relevance as they fill in the missing channels to reach new consumers, especially as they offer an easier and more efficient way to purchase art.
Feral Horses platform was only launched 18 months ago, but the founders understood that the art market was leaving most people out of the market for no reason already 4 years ago just by doing research. But at least now there is someone important saying what we have been trying to say for ages, thanks Art Basel and UBS 🙂
Which strategies would you implement to reach a bigger audience and make the art market and art investment market way more inclusive?
Feral Horses, the online platform for art investment & art co-ownership. https://www.feralhorses.co.uk/artworks/habemus-hominem
About Feral Horses
Feral Horses is an online platform that allows anyone to invest in art and co-own shares of artworks. It has been recognised by Google and the Financial Times as one of the top 100 European businesses leading digital change.