During the last decade, art has become a significant part of the global economy. But how did the changes in finance and the world market change art and the way we perceive artistic endevours? Well, the art market definitely continues to change. With all the things that happened in the recent years and the rapid changes, the future of art is definitely up to some predictions and to some research.
We can now say for sure that the emerging trends have changed with the introduction of NFTs. African artists, which were high in demand, seem to be cooling down. The NFT market worths around 22 billion at the moment and has grown 220 times since 2021. It is growing at the moment at a rate of 35.27%. Definitely imressive considering the numbers, but will it be able to hold? Considering the statistics, it seems that it will last for a long time, but we will have to wait and see.
An event that devided the art community in 2022 took place in the Colorado State Fair’s annual art competition. The organisers handed prizes in the usual categories: painting, quilting, sculpture. One of the artists who took home the ‘Blue Ribbon’ for digital artists was Jason M. Allen, for his work “Théâtre D’opéra Spatial”. This caused a fierce debate and backlash from other artists, who acused him of cheating. This happened because Allen created his work with Midjourney, an artificial intelligence program that turns lines of text into hyper-realistic graphics.
This work, which sparked a debate, is the first AI generated artpiece, which won a prize. Mr. Allen defended his work by saying that he made clear before the competition the origins of his work and that he didn’t deceive anyone.
AI Art exists for years. However, tools released in the last 2-3 years, made it possible for amateur artists to generate art and more complicated pieces easier. With these new data, everyone wonders what the future of art is. Is Théâtre D’opéra Spatial a sample from a new form of art, or as some claim, a high-tech form of plagiarism?
In this era of globalization, the art market, as many other institutions, is undergoing profound changes. Artistic exchanges, the emergence or decline of markets, financial speculation, the segmentation of markets, the concentration of actors and the role of agents in building the economic and social value of art have accelerated the need to use robust analytical techniques to better understand these issues. What’s worth questioning, is if these changes are for good, or they are ruining art. I believe we will have to wait. I am sure that we will see the effects very soon.