Art and sculpture market is changing from customary collectibles outlook to an investment outlook and various organizations have begun mutual funds meant for art and sculptures. These mutual funds organizations invest their client's capital for about four years and put capital into purchasing gainful fine arts. These works of art are then sold to acquire generous returns for money invested. Thus augmented attention to art like a substitute investment has expanded the deals in art and sculptures market globally, as the spending power has by and large expanded.
The global market for art and sculpture is estimated to account for a market valuation of close to US$ 24,632.1 Million through the end of the predicted year 2025. The global market will be expanding to reflect a CAGR of 11.8% all through the predicted time frame of 2025.
• Based on the product type, the global market is segmented as sculptures and artifacts (decorative art pieces, manuscripts and others). The sculpture product type generates highest market shares as well as is likely to expand considerably over the predicted period.
• Based on the sales channel, the global market is divided into dealers, auction houses, art fairs, galleries, retail outlets, online sales, artists studios, individual sales and others. The dealers sales channel is sub-divided into online sales, art fairs and galleries, whilst individual sales division is further divided into artist’s studio along with others which include advisors and consumer-to-consumer. The dealer's division is projected for a revenue expansion and the market share is likely to be high over the calculated period.
• Based on the end user, the overall market is categorized as residential individual buyers, museums (local and international), private collectors, interior designers, real estate developers and other professionals (conservators, restorers and art authenticators). Majority of the regions in the worldly concern are inclined by the U.S. outlook of art and sculpture in addition to this, they are either changing or moving their outlook for art. This has increased the worth of private collectors, in that way encouraging market share of this division.
• Based on the region, the worldwide market is categorized as Europe, Latin America, North America, MEA and APAC. North America is estimated to remain the most attractive region among others over the predicted period. The Europe market is projected to record a sturdy rise in Y-o-Y growth rates all through the predicted period. The region is estimated to increase at a 10.6% CAGR in valuation terms over the predicted period.
Key Market Players
The major companies functional in the worldwide market for art and sculpture include
• Phillips Auctioneers LLC
• Bonham's 1793 Limited
• Frith sculpture
• China Guardian Auctions Co Ltd.
• Sculptured arts studio
• Bid & Hammer