Large Scale Sculpture Market

Part
01
of three
Part
01

Corporate Art Buyers: Demographics

The demographic profile of corporate art buyers is primarily middle-aged, female, white and university educated. A corporate art buyer probably earns in excess of $50,000 per year. No information is available in the public domain regarding home ownership, family ties or location type. This conclusion is based on analysis of LinkedIn and the database of the Association of Professional Art Advisors (APAA - a membership organization of the world's leading art advisors, curators and corporate curators), as well as a sample of eight high-profile corporate art buyers who feature in industry publications, such as Artsy.net, and business magazines, such as Forbes. Corporate art buyers do not limit their business by the price of works of art and it was therefore not possible to limit the findings to the price range of $50,000 - $300,000.

Demographics of Corporate Art Buyers

  • The demographics of corporate art buyers slightly tends towards middle-aged. A greater number of advisors who are a member of APAA are between 50 and 60, while approximately half of the membership is under 50. This finding was corroborated by the sample profiles, which showed a relatively balanced age split.
  • Further personal details, such as home ownership, children and type of location, was not found.

Research Strategy

No specific data could be found relating to income level of corporate art buyers. This information is likely only available to employers, and self-employed buyers may not want to advertise widely their income, as it reflects on the prestige of their business. The average salary found on glassdoor.com is based on the input of 1,465 jobs, so could be deemed as fairly reliable for the US context.


Part
02
of three
Part
02

Corporate Art Buyers: Psychographics

Corporate art buyers are detailed-oriented, knowledgeable in interior design, branding, and art design/history, and budget oriented. They value personal relationships and conduct a great deal of business over the internet, especially via social media.

Habits

Hobbies

Spending Habits

  • Corporate art buyers must be budget oriented and able to stick to the budget provided to them by clients.
  • Art consultants are generally purpose-driven buyers, meaning they have a predetermined idea of what they are looking for and will spend money on it.

Values

Research Strategy

The research team began looking for a pre-compiled psychographic profile of corporate art buyers, however, this was unavailable as was expected. As such, we utilized four research strategies (explained below) to identify habits, hobbies, spending habits and values of those buying art for corporate spaces.

We found that most corporate art is purchased through art consultants. Therefore, we focused on art consultants for this research.

We began by looking in magazines, books and blogs for information on how artists can sell to art consultants or corporations. There was a considerable amount of information here that provided insight to the habits and hobbies of art consultants. However, none of these publications specifically discussed focusing on mid-end corporate art buyers.

Next, we reviewed job openings on LinkedIn for art consultants from reputable art firms. These provided a lot of information on what values, spending habits, and hobbies an art consultant must have to succeed in the business. While the firms did not specify what price range they worked in, we believe it is safe to assume that successful art agencies would be buying art pieces in the mid-range.

Next, we looked at the profiles of corporate art buyers on their company websites and on LinkedIn. While this strategy provided a little information into the publications read by art consultants, the limited amount of publicly available information and the vast number of profiles made it hard to reach any general conclusions.

Finally, we refocused and utilized SimilarWeb to review general characteristics of sites geared towards art consultants, like Public Art Calls. This strategy was helpful in providing information on general interests of art consultants, based off the other web pages they also visit.
Part
03
of three
Part
03

Large Sculpture Art Trends

Three current trends in sculpture include increasing prices, online sales, and the domination of the market by private collectors.

Increasing Prices

  • The sculpture market has witnessed price increases in recent years, including the market for large sculpture.
  • One reason for the price increase is the increased interest of investors in sculpture.
  • The trend of increased prices began in 2003, dipped during the recession of 2008, and then rebounded in 2014 and 2015. The momentum has continued, experts say it is potentially due to the increasing ease of logistics around buying a large piece of art in the 21st century.

Online Sales

  • The online sale of art, including sculptures, in expected to continue increasing due to an increase in the number of online platforms.
  • Improved logistic support and shipping has made it easier to buy art, including sculpture, online, and return it if it is not wanted.
  • While in recent years the number of people utilizing these platforms has decreased a bit (6%), buyers that utilize these platforms are spending more, leading to market growth.
  • Some sculpture parks that also sell large sculptures to visitors in person also have online marketplaces, like The Sculpture Park.

Private Collectors

  • Private collectors are expected to be the largest purchasers of art and sculpture through 2025.
  • Private collectors are increasingly treating art as investments, including creating mutual funds for purchasing artwork and then selling it for a ROI. This has increased sales as well as increased spending power.
  • Large sculpturists may be moving toward private collectors as well due to the increased challenges of displaying art in public places, including increased cost and increasing limitations due to risk mitigation.

Research Strategy

The research team was unable to identify trends specific to large sculpture in the $50,000-$300,000 range. Additionally, we were only able to identify trends specific to the sculpture market in general, and then find evidence that they applied to the large sculpture market as well. The strategies we used to produce this research are provided below.

First, we reviewed market reports and media to attempt to identify trends in the large sculpture market. We were unable to identify any pieces specific to the large sculpture market, but we were able to find some general trends for the sculpture market, and then utilize these general trends to find evidence of large sculpture conforming to the trend.

We then moved to researching each area of the sculpture market individually. For example, we looked individually for trends in the price, trends in the type of buyer, trends in where sculpture is sold, trends in where sculpture is displayed, etc. This strategy provided more information on the type of buyer, price, and where the sculpture is sold, but was not specific to large sculpture. As such, we then looked for further evidence that each trend was also influencing the large sculpture market.

Finally, we looked for trends in different genres of art, specifically contemporary art and modern art. From these, we identified trends that also applied to the sculpture market, and then moved from there to ensure the trend was also applicable to the large sculpture market.

However, through none of the research strategies were we able to identify trends for the sculpture market specific to the $50,000-$300,000, mostly due to the fact that the high end art market is generally what receives media attention.
Sources
Sources