Tracy's 2020 Art World Predictions

With the start of a new year, I want to share an overview of what we should expect in the art world for 2020. 

Art Collection Liquidations Rise

The “Great Wealth Transfer” is starting. By the year 2030, an estimated $15.4 trillion of assets of the world’s wealthiest people will be passed down to generations, according to Wealth X. Because the global wealth population is at its highest, this will be the most significant transfer of wealth in history. America’s wealthiest will pass down an estimated $8.8 trillion of assets over the next decade. This will be baby boomers currently in their 60s and older, handing down assets to Generation X and millennials. Aside from stocks and bonds, illiquid assets such as high-dollar valued art collections are included.

What will the Generation X and millennials do with the art they receive? What is very possible is they will bring these collections to the market because they may not have the same interest in art or artists as their benefactors. This can allow art collectors to purchase sought-after works that have been locked away for years. Remember, this will gradually happen over the next 10 years, but the trend will start now. 

AR Becomes Ubiquitous In The Art World

One of the biggest technology trends since 2017 will collide with the art world. AR (augmented reality) is reshaping the way we experience art. Internet artists and tech developers are starting to transform galleries into digital art playgrounds. From “David Bowie Is” exhibit in 3D to a digital art gallery in the MoMA, AR is quickly becoming a new channel for art engagement. I believe it will gain momentum in the art world this year as more and more tech companies bring consumer AR hardware and software to market.  

New Art, New Artists

Interests to learn the full spectrum of African American Art is rising. With that said, curators, gallerists, and learning institutions will race to find unknown African American artists who are deceased or advance in age to highlight in their programming. The result is never before seen art and artists receiving recognition in the art world for the first time.