During 2015 there will be a rise in companies and professionals offering services such as art insurance, art law, art management, art funds, art collection management and industries specialties. This will be driven by the growing view that the art market is a viable asset for the global economy.
That is the view of Rayah Levy, founder and director of Mill Valley, CA-based fine art investment company ArteQuesta.
“As the economy continues to reflect uncertainty, more traditional avenues of finance will need to ‘jump on board’ with the global art world and understand the viability of the asset class long term,” she said.
She anticipates that as more avenues open up for the exhibition of artwork, and as new genres develop, younger generations will develop a greater interest in the art world.
“This will be by means on multi-media and social media – and art will be used more and more to make geopolitical and social statements in the public,” she said.
She predicts that street art/urban art will become a major interest and focus for collectors world-wide.
“Another exciting new development I see for 2015 is the emergence of the middle market for collectors,” she said. “The average consumer will now have the opportunity to invest in the art market at reasonable rates.”
She anticipates that the art world in 2015 will be coloured by the legal issues that the financial sectors and governments encounter as they attempt to regulate the art world.
“This is another avenue that creates a broader marker for art law, art authentication, art insurance, art and taxation, etc.” she said.
“Another ongoing issue I see for 2015 will be the continuation of discovery of forged and/or stolen artworks displayed in the public,” she added.