Will the looming economic recession affect the art industry? Is your gallery prepared to navigate through economic turbulence?
The art industry has always been in perpetual movement, constantly reinventing and redefining its rules to overcome economic and social challenges. While most economists predict a recession in 2023, the art sector is not immune to the repercussions. To successfully address the challenges, gallerists should find innovative strategies to attract buyers, and sell artworks, to secure their income.
Digital channels empower art galleries to instantly showcase their exhibition to art collectors and enthusiasts across the world. Nowadays, galleries can reach out to an art collector located halfway across the globe with a single click of a button. The convenience and cost-effectiveness of online channels make them, the go-to solution to prosper during a downturn.
During the pandemic, being present on social media became inevitable to stay in touch with the art community. Most galleries invested in a website to showcase their exhibitions and sell artworks online to their existing client base.
Online platforms and art marketplaces present numerous growth opportunities, especially for artwork sales. Art Platforms such as Artsy, Artsper, and Art land unlocked the broader traditional art market to global audiences, spurring better art buyers’ engagement and increasing art galleries’ revenues without asking them to spend massive amounts on promoting their galleries.
Moreover, online art fairs make it easy for gallerists to exhibit around the world and reach new art collectors without incurring travel costs. On the logistics front, online art events don’t require drop-off and pick-up of artworks, which reduces the potential transport risks involved during physical art fairs. Potential buyers can check the exhibited work multiple times without having to travel. With all the stated benefits, an online art fair is undoubtedly a win-win channel for both galleries and art buyers.
The Importance of Collaboration
Digital presence is a great way to grow during a recession, and this growth is further amplified when galleries collaborate, Digital alone is insufficient as not everything can be comprehended and felt virtually. At Muse Square, we combine the perks of digital channels with physical collaborations by servicing real-life exchanges between art galleries through the art fellowship digital platform.
While galleries often work individually, they don’t see their business thrive and expand as much as when they collaborate. Through the Muse Square fellowship, galleries can launch a call for projects and swap their walls for free. They can also lease their walls for profit or split the revenues of artwork sold.
The fellowship grants galleries the chance to exhibit in two places at once, at a low cost and with minimal risks. For example, a Parisian gallery could exhibit in Paris and Madrid simultaneously by partnering up with a Madrilenian gallery through the Muse Square fellowship.
Money and profits are hard words to associate with the world of art, and yet vital for the gallerists to survive. As recession implies inflation, gallerists have no choice but to diversify their incomes to stay ahead of the game. Through the Muse Square Fellowship, they can exhibit their artists’ works in new markets, increase their sales and expand their network of art collectors.
Sign up for the fellowship and browse numerous galleries looking to collaborate on exhibition projects.
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