Over the past two years, the art market has been heavily influenced by the pandemic - be it the return to nature and figurative art or the influx of digital art and conversations about the metaverse or the reliance on the online world for art.
1. Building on the momentum of the physical art world
With the return of the physical art world "after the pandemic", there will continue to be a series of fairs, auctions and exhibitions, and the calendar for this year's art season is full to bursting. While 2020 and 2021 saw an increase in online activity and cancelations of in-person events, 2022 saw the return of in-person events, proving that physical art cannot be completely replaced. In 2023, this momentum will continue with major international art fairs such as 1-54 in Marrakech, Art Basel, Frieze and others.
2. The demand for female artists will continue to grow
Collectors see art by female artists as a promising investment. According to a BBC documentary, auction sales for post-war and contemporary female artists are increasing every year, with prices on the secondary market rising 29% faster than their male counterparts.
3. Consolidation of physical and digital art
Following the boom and bust of digital art and NFTs, the art market continues to experiment with ways to incorporate digital art and blockchain into art market activities. One example of this was the launch of Christie's NFT platform during one of last year's biggest events: Art Basel. In 2023, we will continue to bring together the physical and the digital. The MENA region will continue to participate in this adaptation to new technologies to empower creatives.
4. Trend towards abstraction with a love of the figurative
With the loss of human contact in the early days of COVID, the appreciation for figurative art has increased. This year we are likely to see more interest in artists experimenting with the figure through abstraction and movement.
5. Finding art that touches the soul
Collecting art goes far beyond simply following trends or rooting for an artist. Collectors are also looking for a deep connection to a painting and a resonance with the subject they are looking at. 2023 is a year of more storytelling and intimate conversations with artists and the inspirations behind their work.
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