Tue. Jan 28th, 2020

Small-scale galleries and local artists will be suffering from financial squeeze due to the consolidation of money around ‘elites’

Even though there is now an unprecedented growth in the art market and with the introduction of decentralization of distribution by the internet, it will become more and more difficult to become an artist, as stated by a report.

A research was carried out by a non-profit organization, Creative United that gives a prediction that due to the consolidation of money around the branded top end of the market, the finances of small-scale galleries, as well as, artists, will be squeezed.

It stated that there is a case for the funding bodies and policymakers to identify, as well as, respond to measures that would help securing the sustainable growth of the art market of the United Kingdom amidst a series of challenges like high tuition fees, surging costs, public funding cuts, a culture of not paying to the labor, as well as, too much competition in the gig economy. All these factors have resulted in the creation of a “perfect storm”.

Being an artist who is based in the United Kingdom, it is highly likely that one would face more financial challenges in the coming years unless changes are brought on a structural level. There is a need to take into account the fact that artists will be more and more requiring a mix of income streams for continuing creating.

It will be most difficult for those people to participate who do not have private wealth. In a cruel circle, it is that treat that will eventually help in maintaining the status quo.

The worth of the art market across the globe hit a projected high of US 66 billion dollars in 2007, however, research from Art Basel gave an indication that the volume of art sales dropped 9 percent in the last decade due to the global financial crisis. By the end of 2018, Deloitte projected the United Kingdom had nearly 21 percent of the US 67.4 billion dollars market.