June 24, 2015; CNBC
Grab your hashtags and your paddles. Today, every second counts as #fineart artists, galleries, museums, collectors, and entrepreneurs connect socially and for business in the fast-paced art marketplace. Instagram and a host of art-centric apps are revolutionizing and democratizing the world of art.
A recent survey by the Pew Research Center found that eighty-one percent recipients of National Endowment of the Arts grants said the Internet and other technologies are “very important for promoting the arts.” Sree Sreenivasan, chief digital officer at the Metropolitan Museum of Art, also emphasized their importance, telling CNBC that, “Social media and art-related apps have allowed the New York museum to expand the reach of its art in the world.”
Sreenivasan, whose goal is to expand access to the Met’s collection, said, “It’s common to look at the comments on the posts, see people tagging their friends and setting up outings to the Met to see the art in person.” For organizations, having a large presence on digital media can also drive sales and museum visits. And Dave Krugman, a social media consultant and social editor at the BBDO ad agency who has 173,000 followers on his own Instagram account, said social media users can “publish to their own audiences and be their own editors and be their own storytellers.”
In the world of social media, both according to the 2015 Online Art Trade Report by Hiscox, the London-based fine-art insurers, and as reported by Bloomberg News, “Facebook and Instagram are considered the two most important social media channels in the art world.” A recent survey of art collectors on Instagram found that 51.5 percent of them had purchased works from artists they discovered there, with an average of five purchased works by artists originally found on the app.
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As CNBC reported last week, “Tech start-ups are combining data and social media with artistic vision to help expand art appreciation—as well as find lucrative buyers and potential investors.”
- Aura, which was featured at this year’s Association of Art Museum Directors meeting, is an app that “uses ‘big data’ to help art lovers keep track of all the works and exhibits they’ve seen, and helps them share what they love on social media.”
- The app Artsy aims to make art accessible. “It works as an online database of more than 300,000 works in galleries and museums as well as The Art Genome Project, a system that logs similar qualities between artists and artworks.” The objective is to help people find art they love and want to buy.
- Paddle8, an online auction house and app recently profiled in the New York Times, is among many betting that there’s a lot of money to be made where art and tech meet in the cloud.
Art fairs are also seeing a benefit, as buyers are increasingly taking advantage of online previews to get a jump on negotiating for art pieces they want rather than waiting to browse onsite at the fair. For example, at this month’s Art Basel, more than 500 inquiries were made beforehand via Artsy. This kind of activity can also increase the popularity of a piece or an artist, making it easier to assess the potential for higher sales and how the market is trending. Aura is a tool for just that purpose. And the stakes can be enormous these days—as evinced by the fact that last month, auction house Christie’s had its first $1 billion week.
But Instagram and the others are also a boon for more average investors and art lovers. The Artsy survey about how art collectors use Instagram found:
- Of collectors surveyed, 87 percent checked Instagram more than twice a day, and 55 percent opened the app five or more times a day.
- Collectors rely on Instagram as a tool for discovering and researching art trends.
- Instagram has a clear impact as a discovery tool. Around 61 percent of collectors consistently look at an artist’s hashtag before buying—and 42% do so often.
- As reported above, 51.5 percent of surveyed collectors had purchased work from artists they originally discovered through Instagram.
- A large majority of collectors—73 percent—believe that Instagram makes the art market more transparent, with many citing that as its key impact.
“Instagram is best viewed as a marketing tool as opposed to a sales tool. It is great for finding out about an artist’s most recent body of work, or learning of a gallery’s latest exhibition, or getting behind the scenes takes on the inner workings of the art world.”
Going forward, as the art business broadens its capabilities and reach online, key questions will be: How much control will artists have over sales of their work and cultivation of their audience? Who will the major power brokers be and how will they ensure audience loyalty? And, what are the risks and pitfalls to everyone involved as art is made more digitally accessible and technology makes it harder to protect?—Susan Raab