Art continues to be a highly sought-after commodity, with record-breaking prices paid for artwork each year. While social media has played a role in shaping prices, it is the actions of major players in the art world that have the greatest impact on the industry.
One example of this can be seen at Christie’s recent auction in New York, where a work by Jean-Michel Basquiat sold for an astounding $32 million dollars. Basquiat’s rise to fame in the 1980s was due to his media presence, friendships with influential artists and regular features in magazines like The New York Times Magazine.
Today, social media has become a crucial platform for artists to build their following and attract attention to their work. Galleries, museums and art experts often discover new talent through platforms such as Instagram, leading to increased visibility and demand for an artist’s work.
Despite its influence, social media is not the only factor shaping prices in the art market. Traditional methods such as gallery exhibitions, art fairs and museum shows continue to play a significant role in an artist’s career trajectory. Major galleries and museums have enormous sway over which artists gain prominence in the art world.
Factors such as an artist’s reputation, size of artwork and economic environment also impact pricing decisions. Guarantees and auctions further complicate matters, with various players employing strategies to maximize profits and market value.
Despite challenges like financial crises, the art market remains resilient with new trends emerging to adapt changing economic landscapes. Art fairs like Art Basel are evolving to reach a wider audience while maintaining their relevance, demonstrating that the art market is continually evolving.
