In the ever-evolving art market, a notable shift is taking place. Video art, once a prominent player, is now taking a backseat as painting experiences a resurgence in popularity. This article delves into the reasons behind this trend, exploring the allure of painting and the challenges video art faces in today's technologically advanced world.
The Decline of Video Art in the Art Market
Explore the gradual disappearance of video art from the art market and its dwindling sales in recent years.
Video art, once a prominent force in the art market, has been experiencing a steady decline in recent years. According to economist Clare McAndrew, video art accounted for only 1% of sales in 2021, a significant drop from its previous position.
The rise of crypto art and NFTs has overshadowed the video art market, with digital art verified by blockchain technology becoming the new trend. This shift in the art market has left video art struggling to find its place and regain its former prominence.
The Resurgence of Painting and Its Popularity Among Collectors
Discover the reasons behind the renewed popularity of painting and its appeal to collectors in the art market.
While video art is on the decline, painting is experiencing a resurgence in popularity among collectors. German gallery owner Esther Schipper, who works with renowned video artists, Anri Sala and Rosa Barba, believes that painting offers a sense of introversion and introspection that balances out the constant social presence of digital media.
Younger generations are increasingly drawn to the medium of painting, finding solace in its ability to evoke emotions and provide a more personal and intimate connection. The resurgence of painting at top art fairs like Art Basel further solidifies its place in the art market.
The Parallel Between Tapestry and Video Art
Draw a parallel between the trajectory of tapestry in the art market and the current state of video art.
Ancient tapestries, once highly valued and costly, eventually faced a decline in the art market. Similarly, video art is now following a similar trajectory. Building dedicated spaces for video art at fairs and the high costs involved have made it less appealing to exhibitors and collectors.
The value of tapestries in the past compared to paintings mirrors the current discrepancy between the two mediums. Today, very few videos are valued as highly as renowned paintings, and the technological obsolescence of video art further adds to its challenges.
The Challenges of Technological Obsolescence in Video Art
Explore the issue of technological obsolescence in video art and its impact on the medium's longevity.
One of the major challenges video art faces is technological obsolescence. Unlike paintings that can endure through time, video art relies on specific devices and formats that become outdated quickly. Updating the format without the artist's permission is not always possible, making preservation and future accessibility a concern.
The need to constantly update devices and formats adds to the cost and maintenance of video art, making it less practical for collectors and institutions. These challenges contribute to the declining popularity of video art in the art market.
The Impact of Global Uncertainty on the Art Market
Examine how global uncertainty and economic factors have influenced the art market and led to a more conservative approach.
The art market, like many other sectors, has been affected by global uncertainty and economic factors. High interest rates and persistent inflation have created an atmosphere of caution among collectors and investors.
Established artists and traditional mediums, such as painting, have taken center stage at fairs and auctions as the market becomes more conservative. The shift towards more familiar and established art forms can be attributed to the desire for stability and a hedge against economic uncertainties.
The Future of Video Art and the Shift to African Art
Explore the future of video art and the transition of collectors' interest to African art.
The challenges faced by video art and its declining market presence have led collectors to explore new avenues. Emilio Pi and Elena Fernandino, renowned collectors of video art, have shifted their focus to African art, a vibrant and emerging genre in the art world.
While video art may continue to have its place in certain contexts, the future seems uncertain. The ever-changing art market prompts collectors and institutions to adapt and explore new artistic landscapes, leaving video art to find its niche amidst evolving preferences.
Conclusion
Video art, once a prominent player in the art market, has seen a decline in recent years as painting experiences a resurgence in popularity. The allure of painting, with its ability to evoke emotions and provide a sense of introspection, has attracted collectors, particularly the younger generation.
Technological obsolescence and the challenges of updating devices and formats have also contributed to the decline of video art. As the art market becomes more conservative in the face of global uncertainty, established artists and traditional mediums take center stage at fairs and auctions.
While video art may continue to have its place in certain contexts, the future seems uncertain. Collectors and institutions are exploring new artistic landscapes, with African art emerging as a vibrant genre of interest.
FQA :
Why has video art declined in the art market?
Video art has faced a decline in the art market due to the rise of crypto art and NFTs, which have overshadowed the medium. Additionally, the challenges of technological obsolescence and the need to constantly update devices and formats have made video art less practical for collectors.
Why has painting experienced a resurgence in popularity?
Painting has experienced a resurgence in popularity due to its ability to provide a sense of introversion and introspection. The medium offers a more personal and intimate connection, which appeals to the younger generation seeking solace from constant social presence.
What challenges does video art face in the art market?
Video art faces challenges of technological obsolescence, as the devices and formats quickly become outdated. Updating the format without the artist's permission is not always possible, making preservation and future accessibility a concern.
How has global uncertainty impacted the art market?
Global uncertainty, along with high interest rates and persistent inflation, has led to a more conservative approach in the art market. Established artists and traditional mediums, such as painting, have taken center stage as collectors seek stability and a hedge against economic uncertainties.
What is the future of video art?
The future of video art is uncertain, as the challenges it faces and the shifting preferences of collectors prompt exploration of new artistic landscapes. Collectors and institutions are now shifting their focus to emerging genres, such as African art.
