The Art Dealers industry is projected to grow to $10 billion in the next five years.
Per capita disposable income and the Consumer Confidence Index are expected to grow, which will drive demand. Per capita disposable income is projected to grow at an annualized rate of 1.2%. An increase in disposable income for the general population will drive demand for industry operators because more individuals will be willing and able to spend on original works of art.
In addition, contemporary art is expected to continue growing in popularity, and demand from museums seeking to secure future customer flows by acquiring prestigious works of art is projected to increase as well.
To expand their reach and customer base, industry operators will continue to push the adoption of online platforms. Online platforms are expected to sustain an increased level of accessibility, particularly for young people and those most likely to drive demand for the industry’s affordable works.