The New Renaissance: Art As A Global Business

In the realm of commerce and investment, one particular asset class stands uniquely sublime and profoundly personal – Art. As the lines blur between business and aesthetics, art has morphed into a multi-billion dollar global industry, fueled by an increasing number of investors, collectors, artists, and intermediaries. Here's a comprehensive guide on how to navigate the exciting and complex world of art as a global business.

Understand the Market

While often seen as a realm of aesthetic expression and human creativity, the art market operates like any other industry: supply, demand, and valuation are central. Yet, its dynamics can be trickier due to the highly subjective nature of art. Key market segments include contemporary, modern, Old Masters, Chinese and Asian art, and other geographic or stylistic niches.

Top auction houses such as Christie's, Sotheby's, and newer online platforms offer valuable insights into market trends. Regularly peruse their catalogs and sales results. Similarly, art fairs like Art Basel, Frieze, or The Armory Show, and biennales, offer great insights into emerging trends and artists.

Invest in Knowledge

Becoming a specialist in art takes time. Mastery of art history, knowledge of various art techniques and mediums, the ability to critically analyze and interpret works are crucial. Consider earning an art degree or attending short courses on art appreciation, history, or even art finance. You can explore a diversity of online courses in our Parrot Education section.

Subscriptions to art-focused publications such as "Aesthetica Magazine", "CURA", “MOUSSE” or "The Art Newspaper" will also enrich your understanding. Use these resources to learn about artists, the symbolic and historic significance of their work, and their position in the broader art world. You can also find them in our Parrot Media section.

Building Relationships

Network extensively with artists, gallery owners, museum curators, auction house representatives, and other art collectors. A good relationship with these individuals can provide valuable market insights, potential investment opportunities, and even access to exclusive deals.

Consider joining an art collector’s club or attending art-focused events, such as gallery openings, exhibitions, or auctions. By doing so, you'll cultivate relationships within the industry and foster your reputation as a credible, engaged participant in the art world.

Be proactive in Parrot publications; comment on them, take part in discussions, and use valuable statuses in your profile to demonstrate your intentions.

Quality and Provenance

The value of a piece of art is influenced by the artist's reputation, the quality of the work, its condition, and provenance - the artwork’s ownership history. Pieces with a well-documented provenance often fetch higher prices.

When purchasing art, ensure that the seller can provide thorough documentation. Authenticity is a significant issue in the art world, with forgery being a recurrent problem. Therefore, investing in a professional art appraisal can be a wise decision.

The Long Game

Art is not a liquid investment. Often, the most significant returns are realized over an extended period, and the sales process can be lengthy. Therefore, patience and passion for the artwork itself should play an essential role in your investment decisions.

Remember, art should be more than just an asset. It’s a representation of human creativity and emotion, cultural history, and personal expression. While its market value is essential, the joy, inspiration, and dialogue that art can create are priceless.

In conclusion, embracing art as a global business means navigating a complex and rewarding junction of aesthetics, culture, and commerce. By investing time and resources into understanding this unique market, you'll be well-equipped to enjoy the rich rewards that art can offer - both personally and financially.