Market Trends of United States Of America Arts Promoter Industry
Digital Art Driving The Market
- With the integration of digital artwork with cryptocurrency, art market revenue is observing a significant rise. Digital artworks are verified through blockchains and traded in the form of assets through the NFT (non-fungible token) blockchain. These digital artworks are providing artists with an efficient option to generate revenue, with artists receiving their share each time their digital artwork is traded online. Even with a declining price of NFT and a frozen cryptocurrency market, physical NFT galleries and exhibition spaces have continued to operate and showcase work.
- In addition to this digital art segment of the film and animation industry in the United States observed an increase in revenue to USD 258 million last year. Augmented reality (AR) and virtual reality (VR) technology, machine learning (ML) and artificial intelligence (AI) Technology, and over-the-top (OTT) platforms are driving demand for the digital art market, and video games, film, graphic arts, and animation have emerged as digital art forms with the largest demand in the market.
Understand The Key Trends Shaping This Market
Download PDF
Increasing Art Fair And Unrestricted Travel Driving The Market
- Post-COVID, with relaxation on travel restrictions, the trade value of works of art, collectors' pieces, and antiques exported from the United observed a sharp increase, rising to a value of USD 11.02 billion last year. With a significant recovery, the post-pandemic number of art fairs held in the North American region observed a sharp increase, rising to 91 fairs last year and contributing to a rise in sales value and volume of artwork.
- Christie's New York and Sotheby's New York were among the players in the United States with a Sales value of USD 2.5 billion in artwork auctions last year, with sales value at public auctions of art and antiques in the United States increasing to a value of USD 10 billion. This trend signifies how the art auction market in the country is improving after the pandemic. UK, Switzerland, France, and Hong Kong emerged as the countries having the largest demand for US artwork, valued at USD 5.8 billion.
