The global art market is developing and evolving in line with various factors, and so is the collection management area. What is collection management of the future? To answer this question, we need to analyze several dominant trends that are expected to shape the field in the years to come.
What Is Collection Management of the Future? Top 5 Trends
#1 Digital Transformation and Blockchain
Technology is undergoing rapid innovations these days, and this fast pace of progress reshapes all spheres of human activity, art management included. New software and tech apps change the way laypersons and professionals manage collections. Blockchain and other technologies make the processes more transparent and traceable, thus minimizing the risks of fraud. There are plenty of next-gen digital art management tools that automate the process and make storage safe and cost-effective with cloud-based solutions.
#2 VR/AR Applications
The massive introduction of high-quality VR/AR technology affects the way people interact with art. Today, it’s possible to create high-resolution digital analogs of art objects in different spaces, thus making art accessible to global audiences. Digital galleries and online exhibitions are gaining popularity as a way to embrace art without leaving your homeplace.
#3 AI and Data Analytics Integrations
Artificial intelligence can also be applied in art management with not-that-obvious benefits. Art collectors, dealers, and curators can take advantage of AI-powered data analytics to get a firm grasp of the artwork’s valuation dynamics and top market trends. These analytical insights enable wise decisions and personalized art purchase and sale recommendations.
#4 Sustainability and Ethics
Sustainable art storage, transportation, and conservation take the lead among the art management practices of the future. Both individual collectors and large-scale art institutions go the extra mile to reduce their carbon footprints and adopt eco-friendly packaging, storage, and shipping methods in line with the pressing international regulations.
#5 Fractional Ownership
The rise of blockchain, cryptocurrencies, and NFTs has made the unprecedented change in art ownership possible by enabling fractional ownership. While art is generally regarded as a non-fungible asset, its tokenization does wonders by making it fungible in digital terms. Thus, every willing art collector can acquire a fractional share of digitalized art objects.
Keep Pace of the Changing Trends to Stay Afloat
Now, you’re probably better positioned to answer the question, ‘What is collection management of the near future?” Stay tuned to the latest news and changes in the field to keep your skills and competencies relevant. It’s vitally important in such a quickly changing, vibrant art market.