In the last decade, the contemporary art market has experienced major changes and developments as it has grown exponentially.

From a global increase in demand for artwork to radical shifts in technology, the contemporary art market of 2023 promises to be an exciting and dynamic place. In this blog post, we’ll look at emerging trends impacting the contemporary art market in 2023 and offer insights on how they may shape the future of the market.

With the rise of digital platforms like online auctions and increased access to information about artwork, more people are able to find, purchase, and trade contemporary art with greater ease than ever before. As such, some experts suggest that competition will become even more fierce in 2023. This could lead to larger numbers of people becoming involved in bidding wars or other types of price manipulation. Additionally, as new technologies such as blockchain continue to be adopted by gallery owners and collectors, they may bring new opportunities for buyers and sellers alike.

Another trend impacting the international contemporary art market is a growing focus on sustainability. Awareness of social issues is increasing around the world, resulting in demands from buyers that artists adhere to ethical practices when producing artwork. For instance, collectors may now seek out works produced sustainably or with recycled materials instead of traditionally manufactured pieces. As such, galleries may choose to stock only sustainable works or offer incentives for eco-friendly production methods from their artists.

Finally, there has been an overall shift toward democratizing access to art – both in terms of its availability through digital channels as well as actual buying power for potential purchasers who don’t have large amounts of disposable income at their disposal.  Fractional ownership companies like Masterworks and Particle make purchasing artwork available to individuals who wouldn’t otherwise be able to afford it while giving them access to exclusive collections without having to apply traditional mortgages or loans. This can open up whole new markets within certain socio-economic circles while offering previously inaccessible opportunities for those wanting exposure into high-end collections without breaking the bank!

In summation, it’s clear that 2023 will bring major changes and developments within the contemporary art market as it continues its expansion across international borders and into various communities around the world. With competition becoming ever more intense due to digital platforms and technology advancements driving down financial barriers for potential buyers, combined with increasing awareness around sustainability issues coupled with democratized access for novice collectors – understanding these trends is key for those looking to stay ahead!

Image by Art Axcess. Artworks: Gaetano Pesce, Up 5 Lounge Chair with Up 6 Ottoman (1969) and Gaetano Pesce, Moloch Floor Lamp (1970-71) at MOMA.