Is Art Beating the Economic Downturn?

The current economic state has had a negative effect on sales trends in many industries. Business turnover and profits have generally taken a downturn over the past few years, especially in the retail and high street sectors.

It seems however that art is fighting against this trend and many art dealers, retailers and galleries are reporting record high sales for the year of 2011 when compared to previous year’s sales.

Only yesterday globally renowned Christies announced record revenues in 2011, selling art over the year to the value of £3.6 billion. When compared to the previous year of 2010, this is a growth of 9% which really does show that art is beating the downturn in the short term at least.

As a manufacturer and retailer of canvas prints and wall art, WhoArtNow can vouch for the ups and downs of the art world over the past few years. The way that people search for art retailers has also changed over the past few years.

Many new advertising avenues such as group buying, affiliates and international expansion have all been areas that have opened new doors than in previous years to online retailers.

As the economic climate continues to take a downward spiral the question must be how long can the art world fight and continue to make positive upward movements? The answer hopefully will be every year!

There are certain industries like art that seem bulletproof at this moment in time from the current recession however there should be more thought given as to why these industries do better than others. Obviously the longevity of products such as wall art and canvas prints means more value for money than for example a new pair of trainers or luxury food.

How the art world fares in 2012 is anybody’s guess at this moment in time, WhoArtNow will continue to produce bespoke wall art to inspire and offer a cost effective, affordable art solution throughout the year. We hope the art sector continues to grow from strength to strength!