Market Trends of Fine Art Logistics Industry
A Growing Number of Collectors are Supporting the Growth of the Art Logistics Market
- In order to ensure the safe transport and storage of art, demand for specialized logistical services has increased due to an increase in its value. The art collectors are prepared to pay for this service. There is a growing demand for logistics services that can manage the complex transport of art from one country to another as collectors and galleries buy and sell artwork all over the world. This process is often attended by art collectors, as they may have to move their collections into new environments or exhibitions. According to the Director of the Indian Art Fair, in February 2023, the scope and diversity of art reflect the expansion of the contemporary and modern art logistics market in India and South Asia.
- During transport in a climate-controlled environment, private collectors often expect their art to be handled with the utmost care. This demand for high-quality service has led to the development of specialized fine art logistics companies that can meet the needs of these collectors. In November 2022, the auction of the private art collection of Paul Allen, the late Microsoft co-founder, in New York displayed various items priced at more than USD 1.5 billion.
- It was the most expensive auction in history, according to the New York Times, as many individual pieces sold for more than USD 100 million each. Georges Seurat's "Les Poseuses, Ensemble Petite Version" sold for USD 149 million and was the most expensive item in that sale. Therefore, the growth of the fine art logistics market is being driven by increasing interest in private collectors' collections as well as their adoption of good shipping and delivery services.
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Asia-Pacific Holds the Largest Market Share in the Coming Years
- In Asia-Pacific, the growth of the art logistics market and the maturity of the exhibition market have led to the consolidation and standardization of art logistics companies, allowing them to meet the growing demand for reliable and professional art transport services. The need for efficient transport, storage, and handling of art is becoming increasingly important as the Asia-Pacific art market continues to grow in parallel with an increasing interest in acquiring and reselling art.
- In order to meet this need, art logistics companies provide specialized transport and safekeeping services in response to the specific requirements of carrying and protecting valuable works. In support of the significant growth in the Indian fine art logistics market, the exhibition was held with 85 exhibitors and 71 galleries at the India Art Fair 2023. A wide range of contemporary, modern, and digital art from India and South Asia is presented at the fair, which is attended by a number of exhibitors, galleries, and institutions. The regional reach and importance of the fine art logistics market are further underlined by the participation of prominent Indian and international galleries.
- The demand for fine art logistics services is expected to increase with the increasing number of online galleries and growing e-commerce in the area. Significant investments in the building of new museums and art galleries are being made in Asia-Pacific, with a view to creating new opportunities for enterprises there. Thus, Asia-Pacific is expected to hold a significant market share in the area of fine art logistics over the coming years.
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