Technological Innovations in the Art Market Industry

Written By Alla Levin
March 24, 2021
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Technological Innovations in the Art Market Industry

The rapid evolution of technology in recent decades has greatly changed the way we live. From the way we communicate to the way we consume art in our lives, technology now plays a key role. As technological progress has permeated every aspect of our lives, it was impossible not to influence how art is produced, how it is consumed, and how it is shared.

Its absolute dominance in people’s lives is not always done to disappear from any other means of entertainment and culture. So the misconception that technology is fighting against art does not apply. Sure there may be some dangers with all these huge technological leaps, but what we have to keep in mind is that the creative process and art always know how to adapt to the new conditions that prevail.

So we conclude that the rise of technology positively affects the art industry, shaping the new needs and new data of today. Of course, it is enough for the art producers to keep up with the new trends that will guarantee them new opportunities for development and expansion.

Art Market Accessibility

Referring to the evolution of technology, of course, we also mean the extensive use of the internet in all our daily work. These works and actions also concern our online markets. Those interested in works of art will turn to the use of the internet and, through their search, will search for the specific works of art that interest them and wish to buy them.

This unconditional and restricted search for works of art has allowed creators to greatly expand the range of their target audience while at the same time making it possible for people to buy works of art in literally every corner of the globe. This huge opening in the art market will definitely increase sales while creating new growth and profitability opportunities through these digital transactions. The digital interaction between seller and buyer has changed radically with the advent of digital transactions, making them more direct, more efficient, and easier for everyone involved. This is a great way for art businesses to grow steadily into sustainable and profitable businesses.

Cryptocurrencies as a means of payment for works of artfor art businesses to grow steadily

Recently, there has been an increase in the use and investment of cryptocurrencies in online transactions. Another proof that the evolution of technology has changed the way we pay and invest our money. This, of course, can be seen in the online shopping of works of art, where some individuals wish to maintain their anonymity when acquiring these products, which raises important questions about the concept of market transparency and scandal.

Although it is early enough to discuss extensive purchases of works of art using cryptocurrencies, we are talking about a phenomenon that will probably concern us in the future. In any case, conventional online transactions continue to apply, such as bank transfers, cash use, and other common transparency transactions, which may be more time-consuming but certainly follow transaction transparency rules.

The real value of art

When it comes to buying and selling artworks, there are two important factors to consider—the real material value of an artistic product and its intangible value. Of course, when we talk about the intangible value of a work of art, we are not talking about something specific and measurable. Included in this category are the concepts of talent, style, time spent, and the rarity and emotional value of the project – all of which are difficult to evaluate and then cost. In this case, we would say that the entry of technology threatens art.

But this can be tackled by the sellers of the works themselves, who, concerning the artists, will find practical ways so that their works do not reach the point of commercialization or profit and use the enormous potential of technology to spread the concepts of culture and art, in as many words as possible. The Apeironart platform also contributes to this effort, allowing young European artists to present their artwork to a huge portion of the public to achieve more sales and increase their overall popularity.

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