Here we are: 2023 is here. Art Shortlist has prepared a report forecasting the major trends in the art market for the year 2023.

In a complicated and uncertain international economic context, the art market should have another turbulent year between confirmations and disappointments.

Art Shortlist
by Art Shortlist - January 30, 2023

Towards an increasingly digitalized art market

We couldn't choose another subject to introduce this article. As you will have noticed, digitalization has been going on for some time but it has accelerated in the context of the health crisis.

The major auction houses are increasingly offering 100% online sales, something completely unimaginable a few years ago. Collectors are more and more fond of this type of remote sales, for the last diehards it will be necessary to get used to it because with the arrival of a new wave of "digital natives" collectors, the purchase opportunities will often be presented on digital support.

The same is true for art galleries, which are moving more and more towards online sales. As for the platforms, they are gaining a place in the artistic scene and Art Shortlist is delighted to be part of the solutions for the future in this sector.

A complicated economic context but favorable to certain acquisitions

Since the Covid-19 crisis, the world economy has been slowing down, the world's leading economies seem disrupted, and wars are not helping us to look to the future with confidence.

With inflation and the lack of confidence that is taking hold in people's minds, we can see that in previously buoyant sectors such as real estate, trading and art, the volume of purchases is decreasing. Consequently, this year there should be more sellers than buyers. Supply will therefore be stronger than demand.

This situation will certainly lead to great opportunities to buy art, so it will be necessary to be reactive in order to be ready to seize the most interesting opportunities. It is often said that the best deals are made in times of war and uncertainty, but you need to have the resources and the desire.

Towards a collapse of speculative values?

In recent decades, speculative purchases of art were widespread, will they still be relevant in 2023? Of course and many investment funds still consider art as a reliable value.

Nevertheless, we hope that reason will prevail over speculation, this troubled period must benefit the art market to clean it up. Let the great cleaning begin!

Also read: How can art be a safe haven in times of economic crisis?

NFT are you there?

Are we witnessing the explosion of a speculative bubble? It's too early to tell, but 2022 has clearly been marked by a slowdown in NFT sales.

Moreover, some scandals like the FTX bankruptcy seem to reshuffle the cards in the world of cryptos and legitimate questions arise especially on the financial and copyright aspects. It is certain that the NFT will remain present because some young collectors are sensitive to it, it remains to be seen in what proportion...

Our advice for collectors in 2023

To conclude this report, we would like to give you some simple advice for a successful approach to 2023 as an art collector:

  • Be prepared for the opportunities that come your way.
  • Ignore the economic and geopolitical context.
  • Turn to values that have proven themselves over time or to emerging contemporary artists whose talent is no longer in question.
  • Follow closely the art market news: exhibitions, new editions and general trends.
  • The most important thing is to buy what you like.