The Business of Art
In 2019, the global art market was booming. Art fairs drew crowds of international buyers who would fly in to make purchases, making in-person events a central part of the art buying world
Like many industries, art auction houses had to quickly pivot to survive the pandemic. Travel and event restrictions ground the art fair market to a halt. Suddenly, the relationships that aid success in the world of high-net-worth art sales, were harder to maintain.
By mid-2021, online purchases had grown to account for 33 percent of sales, opening to new markets. Today interest in the purchase of Non-Fungible Tokens (NFTs) is re-monetising the creative industries online.
We also hear from Dr Eric Lim, a Senior Lecturer at UNSW Business School, about how NFTs are impacting the art industry.