An industry marked by tradition is finding a new identity with the online generation; one that rewards innovation.
The article ‘Start-Ups Putting Art in the Cart’ running in the FT today takes a look at how the online market is attracting a young demographic of new collectors and polarising art businesses. Among the auction houses, those who are slow to embrace the growing importance of establishing an online marketplace and community are quickly falling behind competition, and activist investor Dan Loeb has already picked up on this in his recommendations for Sotheby’s.
Many in the business expect the online art market to grow over the next five years as more companies find ways of selling art and its services online.
"Online sales accounted for $870m in 2012, just a fraction of the $60bn art industry. But a report by Hiscox, the insurer, estimates this could reach almost $2.1bn by 2017." A flurry of entrepreneurial tech-based contenders is bidding to take a lead in this new space, offering platforms for both buyers and sellers of collectables valued up to $500,000.
“Although we’d welcome more established buyers chasing multimillion-dollar works, we find we are catering for a younger, highly educated ‘magpie’ generation who want to start collecting today,” says Alexander Gilkes, co-founder of Paddle8.
On 18 March 2014, Teatro Valle Occupato, a large group of cultural workers and citizens who revitalised an ancient theatre in Rome as a space of commons, will be presented with the sixth ECF Princess Margriet Award.
The 2014 ceremony will be held at BOZAR, the Centre of Fine Art in Brussels. The event will be attended by the President of theEuropean Cultural Foundation (ECF), HRH Princess Laurentien of the Netherlands. The award will be given out by former ECF President, HRH Princess Margriet of the Netherlands, in whose name the award was established in 2008.
The annual ECF Princess Margriet Award, which includes prize money of 50,000 EUR in total, is given to European artists and thinkers whose work shows the potential of culture in creating an inclusive Europe.
The threat of privatisation was one of the reasons motivating Rome’sTeatro Valle Occupato, a diverse group of performers, directors, technicians and citizens, to keep Italy’s oldest theatre open and transform it into an experimental space for new forms of social, political and cultural participation based on the practice and action of ‘commoning,’ inspiring cultural change-makers all over Europe. Through the creation of the Fondazione Teatro Valle Bene Comune, a foundation for the commons, the group proposes a new model of democratic management of the theatre.
"Futurism is complicated, and it evolved over more than three and a half decades,” says Vivien Greene, senior curator of 19th- and early 20th-century art at the Solomon R. Guggenheim Museum, who has worked over the past five years to prepare “Italian Futurism, 1909–1944: Reconstructing the Universe,” which opens February 21. While the movement has been explored institutionally in Europe, particularly in Italy and the U.K., this show will offer the largest and most comprehensive survey in the United States."