The Convergence of Art, Finance and Technology

As Art Works Group embarks on its journey of expansion, the leading art advisory group is committed to elevating art appreciation and investment with a data-driven approach and marshalling of blockchain technology.

- Indran P

WHAT IS THE value of art? For so long, artists, theorists, scholars, critics and advocates have litigated the impassioned debate about two closely orbiting questions: what is art worth and how can art be credibly appraised?

Well, the numbers don’t lie. The global art market has witnessed a spectacular renaissance over the last few years. In 2022, the art market was valued at over US$67.8 billion. According to recent UBS and Art Basel reports, it is an industry that showcases incredible resilience, growing during the challenges posed by the global pandemic, and outpacing traditional stock markets such as the S&P 500 for decades.

This continued growth, especially during global economic disturbances and periods of high inflation, signifies a broad paradigm shift in the art industry. This is reflected not just in the buoyant sales figures but also in the ways art is bought, sold and appreciated. Traditionally seen as a niche for the ultra-wealthy, the art market is expanding its appeal and attracting new collectors and investors who are bringing diverse tastes as well as a hunger for innovation.

Simultaneously, Southeast Asia’s art market, previously eclipsed by Western and Chinese powerhouses, is on the rise, revealing a rich and vibrant art scene of collectors and investors. Singapore, in particular, is emerging as a global art hub with a market worth more than US$1.3 billion. This surge is not only redefining the global art landscape but it is also opening new opportunities for collectors, investors and art businesses throughout the region.