From the June 2024 issue of Apollo. Preview and subscribe here. Does the Venice Biennale affect the art market? The consensus on this non-commercial festival, which opened in April, is usually yes. In the va-va-voom 2000s it was common to see collectors snapping up works by Venice stars as soon as they could at Art Basel (for years the Venice preview ended two days before the opening of the main event in Switzerland’s wealthiest city). Then, in the 2010s, everyone started saying ‘You have to go to the Biennale to understand art today.’ In the 2020s, by contrast, investors have been showing more interest in the regional biennales populating their world; as regional economies contract and social media creates a new breed of global artists, investors are making a bid on the talent most relevant to their locale.
Over the past decade, the Venice Biennale has become a significant event for the art market. Collectors would eagerly snap up works by Venice stars as soon as they could at Art Basel. However, the dynamics have shifted in recent years. While the Venice Biennale is still important, investors are increasingly turning their attention to regional biennales and artists based in their localities. As regional economies contract and social media provides a platform for global artists, investors are looking for talent that is relevant to their specific regions.
One can draw several key points from this text:
1. The Venice Biennale has historically influenced the art market, with collectors purchasing works by Venice stars at Art Basel.
2. In recent years, investors have shifted their focus to regional biennales and artists relevant to their locales.
3. Regional economies contracting and the rise of social media have contributed to this change in dynamics.
Based on these key points, several potential future trends can be identified in the art market:
1. The importance of regional biennales: As investors seek to support talent from their own regions, it is likely that regional biennales will continue to gain prominence. These events provide a platform for local artists to showcase their work and attract investment.
2. The rise of global artists through social media: With social media enabling artists to reach a global audience, investors are no longer limited to artists from their own regions. Artists with a strong online presence and international recognition may receive increased attention and support from investors.
3. Economic impact on the art market: The mention of contracting regional economies suggests that economic conditions will play a significant role in the art market. Investors may prioritize artists who reflect the local economic landscape or seek opportunities in regions experiencing growth and development.
4. Evolving definitions of “art today”: The statement “You have to go to the Biennale to understand art today” implies that the perception of contemporary art is constantly evolving. As the art market continues to change, artists who push boundaries and challenge traditional notions of art may gain traction with investors.
Based on these potential trends, several recommendations can be made for the art industry:
1. Embrace regional diversity: Art institutions and organizers should focus on promoting regional biennales and supporting local artists. This can help nurture a more diverse art scene and provide opportunities for artists who may have been overshadowed by global art centers in the past.
2. Invest in digital presence: Artists and galleries should prioritize building a strong online presence through social media and digital platforms. This can help bridge geographical barriers and attract international investors who may discover and connect with artists virtually.
3. Stay adaptable to economic changes: The art market is inherently linked to economic conditions. Artists and investors should closely monitor regional economic trends and adapt their strategies accordingly. This may involve seeking opportunities in emerging markets or diversifying investment portfolios to mitigate the impact of economic downturns.
4. Foster dialogue and innovation: The art industry should encourage critical discourse and experimentation, supporting artists who challenge conventions and redefine the boundaries of art. This can drive forward the evolution of “art today” and attract the interest of investors seeking fresh and innovative perspectives.
In conclusion, the Venice Biennale has historically influenced the art market, but recent trends indicate a shift towards regional biennales and artists relevant to local economies. Social media and economic conditions are key factors driving these changes. To thrive in this evolving landscape, the art industry should embrace regional diversity, invest in digital presence, stay adaptable to economic changes, and foster dialogue and innovation. By doing so, artists and investors can navigate the evolving art market and find new opportunities for growth and success.
References:
1. “The Venice Biennale Effect: Does the Venice Biennale Affect the Art Market?” Apollo, June 2024.
2. Art Basel website: https://www.artbasel.com/
3. The Guardian article on the impact of social media on the art market: https://www.theguardian.com/artanddesign/2022/apr/03/art-market-social-media-influence
4. Forbes article on the relationship between the art market and economy: https://www.forbes.com/sites/rickferri/2023/09/15/how-does-the-art-market-track-changes-in-the-economy/?sh=675ab4f862fc