There’s little doubt that the recent recession wreaked havoc on the fine art market. But that market seems to be back as evidenced by the traffic seen and works sold at the New York’s Armory Week this past March. Collectors were scooping up watercolors by Louise Bourgeois for as much as $65,000 each. Then, there’s wall art for the rest of us.
It’s not that we don’t want to buy art. Pam Danziger, president of Unity Marketing and author of a recent study on this topic notes, “Americans are paying more attention to decorating their walls, but traditional art reproductions, for example, are being purchased less frequently today than they were in previous years.” Danziger says we’re purchasing more original art, though perhaps not for $65,000 a piece, as “working artists become market focused.”
And while consumers may be going the extra mile to find original pieces by an artist, they are not paying extra for custom framing. As a result, more marketers are selling a wider variety of frames in all sizes and styles.
Danziger’s study focused on consumers who have an average household income of $107,000 and an average age of 45.8 years. The gender ratio was 36% male and 64% female. For the most part, the surveyed consumers agreed, “When choosing art for my home, the way the piece makes me feel is most important.”
Marketers in the art world, including galleries, artists and framing shops, will be seeking to adjust their advertising angle to make an emotional connection with potential customers now that the door to sales has been cracked open again.[Sources: Kazakina, Katya. DeLorean, Bjork, rich Russians Boost ‘Crazy’ New York Art Fairs. Bloomberg.com. 8 Mar. 2010. Web. 21 May 2010; Changing Consumer Tastes Are Transforming the Art, Wall Decor & Framing Markets. Unity Marketing. 17 May 2010. Web. 21 May 2010]