Our Favourite Predictions for 2017
It seems everyone is making predictions for 2017
Who are the newest young artists to watch? Which nations will reach top rank on the auction sale leader board? What crazy changes are in store for the auction house elite? (Wasn’t the end of 2016 a doozy?) And of course, there are the biggies on our mind. How will a Trump presidency, the discussion around Brexit and the presidential election in France affect the art markets within those respective nations or indeed, the world?
What's in store for the art market? Our pick of predictions for the year
Although you can find predictions for 2017 in abundance, ranging from the ridiculous, tongue-in-cheek to the seriously doom and gloom, we spotted some from a few of our favourite publications and blogs worthy of sharing.
1. Could 2017 be the Year of the Young Artist? According to Bloomberg, 2017 could be an exciting year for the younger echelon of artists (at least better than 2016). Artsy has their eye on the younger artists as well. As for us? Well, we don't make predictions, but just last summer we added Cui Jie to our artist list and started tracking sales of her art, and we're keeping a close eye on the rest.
2. 17 for '17. The Antiques Trade Gazette makes 17 Predictions for 2017. I love this one, straight from the opening statement, 'by their nature, predictions are statements of the uncertain' (and, so they are) to their final prediction of the demise of the bricks and mortar-only auction (embrace the WWW!). From predicting price databases will be the new frontier for winning consignments and clients to the exaggeration of the demise of Old Masters, this list held our attention through all 17 predictions. (Log into your QBI account to check out who we include in our new Old Masters grouped index.)
3. We have great respect for the specialists chosen for Invaluable's list of predictions. François Tajan of Artcurial drops a few names of importance while Charlotte Riordin of Lyon & Turnbull believes collectors are embracing the story behind the art, making provenance an even more important factor for increased values. If you want to know what the specialists are saying, we flag this as one to read.
4. Luxury investments seem to be dominated by Chinese shoppers according to Asia Times' Liz Flora. However, the 5% decrease in the percentage of luxury goods being purchased abroad saw a 5% increase in the purchase of luxury goods domestically. Will this carry over into the world of art? It could be. With the presence of Sotheby's, Christie's and many other premium auction houses throughout the nation, we'll be keeping an eye on things to see how this prediction carries over to the world of fine art.
5. Our list wouldn't be complete without including The Art Newspaper's special report on the art market in 2017. Georgina Adams adds to this month's issue with her say on the year to come. Among her predictions are that a Trump presidency will result in a positive impact on art sales in the US at the same time as she expresses concerns the "Brexit effect" will have in the UK, and she's hoping for more real transparency in the market due to the continuation of the big data discussions.
Where will your predictions lead you?
Making predictions is par for the course when you manage a company, even your household. So of course, predictions are on the horizon when you are looking at investments, wealth and fund management, estate and tax planning. Although they aren't always correct, we continue to make, in fact rely on them and often have fun with them.
Even though we don't know for certain what's going to happen in the world of art this year, there are valuable insights to gain from the past and present to help guide us throughout the year. So, as you're enjoying your morning coffee, tea or hanging out by the water cooler, how about passing around a few predictions of your own? You can always keep track of the performance of your favourite artists or fine art genre at QBI. Who knows, perhaps your predictions will lead you to making some pretty remarkable investments.