The near future of the art market is inspiring optimism in some gallerists and caution in others, according to 24/7 Art: The Artlogic Gallery Report 2024, which surveyed over 330 gallery professionals and dealers across 50 countries.
This caution is largely the preserve of smaller teams, with 23% of 1-3 person galleries unsure about whether they will have enough time to fulfil their role in the next 12-18 months. In contrast, 72% of galleries with teams of more than 21 are certain that they’ll be able to fulfil their role, with just 6% responding that they were unsure. Across all gallery sizes, 62% say they will be able to fulfil their roles, 18% say they won’t, and 20% are unsure.
But what aspects of the future are gallerists feeling optimistic about? That depends, again, on size. Respondents from 1-3 person galleries are most optimistic (42%) about new collector relationships and least optimistic about new gallery management technology. These findings are completely reversed for mid-size (11-20 person galleries), 23% of which are most optimistic about technology, with just 7% citing new collector relationships. The largest galleries are most optimistic about the emergence of a more accessible art world (57%) and working with new artists (29%).
This suggests that, for smaller galleries, investing in growing their network of collectors will be the surest guarantee of success in the near future, while larger galleries have the resources and willingness to nurture new artists.
Across galleries of all sizes, technology will play an increasingly important role in the coming years. 66% of respondents are optimistic about implementing new technology in an effort to save time, whilst the vast majority (90%) think that technology is best served by being consolidated into a single unified system.
Want to know more about how galleriests feel about the future?
Download The Artlogic Gallery Report 2024
About the author
Natasha Whiffin is Head of Brand Marketing & Partnerships at Artlogic, where she leads brand strategy and industry partnerships. She previously worked in partnerships and development roles at Art Basel, Paddle8 and Asia Art Archive, and regularly shares perspective on art market trends, mergers and technology. She has co-hosted Artlogic webinars on scaling small galleries.
