Art is a creative expression of the human mind through visuals, dance, music and literature. Fine art comprises of drawings, paintings, sculptures, installations, antiques and collectibles. Paintings that form the biggest part of the fine art market include contemporary, impressionist & modern, old masters and Chinese art. Of these art types, contemporary art remains the largest art category by value. Generally, art pieces are sold through art galleries, auction houses, museums and online trading channels.
The global market is expected to witness a neutral to positive outlook despite art market contraction in China. Globally, China is known to dominate the art market in terms of auction sales, followed by the US and Europe.
With the e-commerce boom, many traditional auction houses are choosing online channels as their sales platform. Apart from eliminating transactional costs it also eliminates physical limitations like space or storage, presence, time and geography. Online auction also helps to analyse the bidding patterns of their participants and accordingly design direct promotional activities.
Many art connoisseurs, collectors and investors embrace art as an investment option. Like any other asset class, art too requires thorough art market analysis, assessment of global economic conditions and investment opportunities. A number of lending companies also turn towards experts to build art portfolios for their wealthy clients. However, an art procession may not increase the chances of portfolio to outperform, since it might not necessarily provide substantial returns compared to traditional asset classes like bonds and stocks.
In addition, music is also flourishing as a business and with it demand for musical instruments is growing. Factors such as cultural and socio-economic trends, technological innovation and adoption of online sales channel are driving demand of music instruments globally. However, emergence of app-based musical instruments may deter sales of musical instruments in future.
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