World Art Market: Realities and Trends

Abstract

The purpose of the article is to reveal the main components that led to the success of sales of digital and classical artworks through the analysis of current realities and trends in the global art market. To provide buyers (collectors), sellers, investors of artworks with a general picture of the development of the contemporary art market. The research methodology is based on the application of a systematic approach to the study of the art market of digital and classical artworks on the analysis of aggregate methods, in particular: art historal, analytical, empirical, historical, comparative, synthesis, and modelling. The scientific novelty lies in the use of digital platforms in sales in the global art markets, the peculiarities of conducting virtual auctions for sales using digital technologies. This has led to an increase in sales of digital and classical works of art in the art market. The practical recommendations to all players (buyers (collectors), sellers, and investors of the contemporary art market of artworks are proposed. Conclusions. Consequently, the emergence of a digital art market for the sale of artworks in a new virtual environment has led to a tenfold increase in the number of artists whose works have been presented on the global art market and who are currently actively participating in auction sales. Today's paculiarities include the commercialisation of the art market and the transition from classical art to Contemporary Art as the main trend and sales leader. The value of works sold by coontemporary artists reaches billions of dollars and is constantly growing. Despite the popularity of digital platforms with the ability to preview works of art through online viewing rooms (OVRs), many buyers and sellers still seek to participate in the sale directly and return to traditional offline events. This is especially true for the wealthiest private collectors who want to see an object for which they need to pay a significant amount of money. Sales trends in global art markets show that digital artworks cannot replace artworks on traditional media.

Key words: virtual environment, information technology, NFT, blockchain, digital art, digital art market, cryptocurrency, transactions, digital platforms, contemporary art, trends, traditional media.