Panel, Conference Presentation
Investing for Immortality
- Wealth growth in Asia is forecast to significantly outpace the West, with the number of high net worth individuals in the region predicted to exceed those in Europe and North America as of 2014.
- Private museum counts in Asia are expected to continue exponential growth, rising from approximately 1,500 in 2006 to over 4,000 currently, driven partly by government incentives in China.
- The art market is described as having expanded until 2013–2014, followed by a resurgence of smaller galleries and artists commencing operations after 2012.
- Virtual reality is anticipated to fundamentally transform museum operations, art consumption, and the potential immortality of works, with predictions that historical figures like Michelangelo would utilize the technology today.
- Blockchain technology is expected to be adopted as a crucial ledger system for the art market, potentially revolutionizing how artworks are immortalized, though limitations in backdating historical data remain.
- The physical book industry is predicted to become nearly obsolete, with physical copies likely relegated to souvenir status, while the mid-career artist faces significant market difficulties.
- Traditional physical museums face sustainability challenges and potential closures due to the need for new revenue models, including ticketing and international tourism, alongside rising digital competition.
- Ultra-high net worth individuals in Asia are increasingly viewing art as an aspirational asset class, while the broader market is shifting toward direct-to-consumer commission models and digital sales channels.
- A transition is expected where a subset of institutions may fail to perform core museum functions due to incentive structures, necessitating a future where art sustainability appeals to both human and general artificial intelligence consciousness.
- Historical market cycles indicate periods of aggressive European purchasing followed by abrupt stops, contrasting with a current market described as more educated and stable compared to previous decades.