Olyvia Kwok’s Autumn 2022 Report – What’s New in Art
Autumn has long been the highlight of the art world’s calendar. With exhibitions in capital cities such as London, New York, Hong Kong and Shanghai that attract art enthusiasts from far and wide, there is perhaps no better time to explore, invest and sell.
However, over the years since the COVID pandemic was in full force, we’ve witnessed significant changes that have transformed the world as we know it.
With online viewing rooms (OVRs) NFTs and an explosion in the online art world, the remainder of 2022 looks set to be an exciting time. Art vendors, collectors, investors and artists are more likely than ever to break the traditional mould and look toward an even brighter and more profitable future.
Art collector and investor with over 15 years of experience, Olyvia Kwok shares her insight into what we can expect in the art world this autumn.
The continued growth of the online art market
Despite experiencing a sharp decline at the beginning of 2020, the art market soon recovered by focusing on the online art experience. According to the 2022 Art Basel and USB Global Art Market Report, sales soared by 29%, in part due to the adoption of technology.
This could be just the start of a transformative experience in the art world, as yet more exhibitions and auctions shift online.
According to Olyvia, “It’s been predicted that by 2024, the online art world will sit at $9.32 billion. This is an incredible thing as it allows people to instantly be able to access desired products and services from all around the world from the comfort of one device.”
OVRs
Online Viewing Rooms (OVRs) helped to breathe new life into the art world at a time when physical restrictions such as lockdowns took their toll. Even though we are moving away from the crisis towards brighter times, the popularity of these OVRs continues to grow.
As Olyvia agrees, “Online Viewing Rooms (OVRs) are still allowing art enthusiasts the power in enjoying an immersive art event from a computer screen” even as we move into Autumn 2022.
Offering a truly immersive 3D art experience from a computer screen or similar device, OVRs allow art enthusiasts across a range of backgrounds to indulge in their passion or invest, where previously traditional barriers might have prevented this from happening. This further democratises art and turns it into “an extraordinary asset to have – amongst obvious investments such as property and stocks.”
The Millennial Market
The combined impact of the pandemic, technological growth and online sales has meant that younger art investors have begun to dominate the art market more than ever.
According to Forbes, “millennial collectors were in fact the highest spenders on fine art in 2020, with 30% having spent over $1 million on art, with an average spend of $228,000.”
This huge market potential for those born between 1981 and 1996 pushes art dealers, auction houses and galleries to adapt their approach further, adopting more digital technologies and an approach to art sales that has refreshed and modernised the art industry even further.
“Millennials have still overtaken boomers in the art world,” says Olyvia, “Maybe this is due to computer literacy, as they are more accustomed to the digital age. Millennials grew up with technology and fully understand the power and importance it has.”
NFTs (Non-Fungible Tokens)
Who could have predicted that NFTs, non-fungible tokens, would have brought art ownership to the masses in 2021, sparking a revolution in the art world?
If you’ve never heard of an NFT, these are simply digital products including digital art that can be bought or sold online via blockchain technology. They appeal massively to millennial buyers who are entirely comfortable with digital technology and spending on digital art.
As complex as it might sound to the uninitiated, NFTs have brought art ownership to the masses, especially appealing to Millennials and Zoomers who can buy parts of a whole as a savvy investment to add to their portfolio.
According to Olyvia, they are “opening a new horizon for consumers to visit art museums and find more about their unique paintings, creating new energy and relationship in the art world between old and new art.”
But what about the future? Can we expect to see NFTs remain part of the art world or could they have lost their appeal as we move towards 2023?
“NFTs look set to stay, enabling an efficient and robust end-to-product strategy” Olyvia assures, “They are a safe proof of the sale of art, allowing creators and collectors to ensure their copyrights are protected.”
During autumn 2022, we can expect to see a continued focus on the advantages that technology can offer to the growing market for art. By focusing on enhancing digital art, using OVRs, NFTs and continuing to democratise art, we are likely to witness unprecedented growth over the remainder of the year and those that follow.
Blurb about Olyvia
Olyvia Kwok has been collecting and investing in art for over 15 years. After graduating from Queen Mary’s University in 2002 with a degree in BSc Statistics, Olyvia opened her first gallery in St. James’s London. With years of experience, alongside in-depth knowledge of the market and an extensive global network, Olyvia continues to be one of the most prestigious and successful individuals in the industry.
Her business, Willscape Management provides clients with expert perspectives and in-depth art knowledge in order to help them make a decision in confidence. Their dedicated team of experts identify, value and offer guidance on artworks of various time periods and movements.