UK Fine Art Company Thriving in Soaring Global Fine Art Market

LONDON, Oct. 2, 2023 /PRNewswire/ — As the world continues to navigate the difficult waters of economic uncertainty and turmoil, the fine art market has proved to be incredibly resilient. Despite the challenges, the sector is not only surviving but thriving, enjoying excellent growth and displaying remarkable adaptability. While crypto is ailing and tech stocks struggle, the art market is booming. Waran’s Fine Art, a new London-based rising star on the scene, is poised to capitalise on the thriving arts industry.

The global art market is currently expanding rapidly as we continue to recover from the economic storm wrought by the pandemic. Indeed, the sector held up strongly through the crisis. Although understandably 2020 saw a contraction in the sales value of the worldwide market, by the end of 2021, it had achieved a greater value than that attained in 2019.

In 2023, the whole market size is predicted to surge from the $441 billion posted in 2022 to an incredible $579 billion – an impressive compound annual growth rate (CAGR) of just over 31%. And the juggernaut will continue to make progress. Experts predict that in 2027, the art market will be worth $682 billion, achieving a steady CAGR of 4.2%.

There is ever-increasing demand from collectors and art enthusiasts all over the world, with pieces changing hands for incredible sums. In 2022, one of Andy Warhol’s iconic portraits of Marilyn Monroe, “Shot Sage Blue Marilyn” was sold at a Christie’s auction for a huge $195 million. Earlier this year, sales at Christie’s Spring Marquee Week totalled $922 million, with 34 artist records set.

As the world continues to emerge from these challenging times, there can be no question the art sector is experiencing a significant surge. And it’s part of a distinct trend towards acquiring tangible assets – a movement where art is performing the best. Knight Frank’s 2023 Wealth Report reported that while the market for luxury collectibles in 2022 saw strong gains, fine art led the pack with growth of nearly 30%. 

With spiralling demand from seasoned collectors, and new art enthusiasts across the world, it’s no surprise that the appeal of art as an investment has also skyrocketed. Wealth managers cottoned on to the trend some time ago. A 2019 Deloitte report noted that 85% of wealth managers recommended that fine art be included in a balanced investment portfolio.

Today, wealth managers continue to find that the sector has lost none of its allure with investors. A recent study found that 59% of advisers stated their high-net worth clients were looking to invest in art in 2023.

Major players in the hedge fund arena have also embraced art as a rewarding asset class. Steve Cohen, the founder of Point72 Asset Management (and owner of the New York Mets) has been one of the most avid collectors of fine art in the world for many years.

As a rapidly growing UK fine art company, Waran’s Fine Art are delighted to be playing their part in this international success story. Their expertise in sourcing, curating, and selling fine art assets will ensure they continue to contribute to this phenomenon. Here are some of their key insights into the why the global art market is proving to be so strong and resilient.

Increased Global Demand

Demand for fine art has soared as the market has expanded across the world. Vast new markets are emerging in places like China and India, with a new high-wealth class keen to demonstrate their status and wealth by acquiring fine art. Millennials are also driving demand, with a 2021 study finding that the biggest spenders on high art in 2020 were born between 1981 and 1996. These new collectors continue to seek out exceptional pieces, contributing to robust sales and price appreciation.

Digital Revolution

Technology is also driving the surge in the art sector. Online auctions, galleries, exhibitions have made it easier than ever to view and purchase art anywhere in the world. The digital revolution has connected buyers and sellers as never before. The internet has also democratised the market. Once the playground of the rich, investors can now buy shares of artworks via fractional art ownership platforms.

Resilience & Tangibility

Fine art has always been a safe bet regardless of the economic situation. In the 25 years from 1995 to the end of 2020, contemporary art appreciated 14% every year on average. This compares with an annual return of 9.5% for the S&P 500. Art is a real, tangible asset that has low correlation with often-volatile stocks and bonds, and many see it as a hedge during periods of higher inflation.

An Excellent Investment Proposition

Investing in fine art is certainly a compelling proposition. Historically, it has shown continued potential for significant capital appreciation since the mid-1990s. Operating independently of traditional financial markets, it provides a hedge against economic volatility. It makes for an attractive alternative asset class for investors seeking diversification in their portfolio. And of course, this tangible asset offers intrinsic satisfaction beyond financial returns with its aesthetic and cultural value.

Waran’s Fine Art

Dev Waran, founder of Waran’s Fine Art, is proud to be part of this thriving industry. He stated, “Art isn’t confined to museums and galleries; it’s a living, breathing entity that finds its home in the hearts of those who understand its power. In the art market, every sale is a story waiting to be told — a narrative of an artist’s vision and a collector’s appreciation of beauty. The art market is a canvas where creativity meets commerce, where every brushstroke of talent carries the potential to redefine the value of expression.”

For those looking to invest in this booming sector, seeking expert help is essential. Waran’s Fine Art believe that fine art assets should be available to all, and invite art collectors, investors and enthusiasts to explore their curated collection of fine art pieces, which includes works from renowned artists as well as the best of emerging talents.

For more information about Waran’s Fine Art and their amazing collection, please visit https://waransfineart.co.uk/. They can be contacted at [email protected], 02030262029

Company Boilerplate

Waran’s Fine Art embarked on its journey in 2023, and since then, we have been committed to redefining the art experience for enthusiasts and collectors across the United Kingdom. With a foundation built on a passion for art and an unwavering dedication to artistic expression, our founder has been instrumental in facilitating over £20,000,000 in art piece sales, fostering connections between artists and collectors that transcend traditional boundaries. As a United Kingdom-based art company, we take pride in curating and promoting exceptional works of art that not only capture the essence of the human spirit but also serve as investments in culture. We are more than just an art business; we are custodians of creativity, champions of innovation, and advocates for the enduring power of visual expression. Welcome to Waran’s Fine Art where the canvas of possibility stretches beyond imagination.

We have associations with artists like Mr controversial. We’ve secured sales of Simeon Stafford, Alan Davie, Adrian Heath, Paul Feiler, Mark Lancaster and Damien Hurst.

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SOURCE waran’s fine art

Originally published at https://www.prnewswire.com/news-releases/uk-fine-art-company-thriving-in-soaring-global-fine-art-market-301944300.html
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