UK Fine Art Market Outlook 2030
The UK fine art market size was valued at USD 1,970.2 Million in 2021 and is expected to reach USD 7,760.2 Million in 2030, expanding at a CAGR of 16.5% during the forecast period, 2022-2030. The overall incremental opportunity is estimated to be USD 5,476.8 Mn from 2021 to 2030.
The growing demand for professional fine arts logistics services is expected to drive the fine art market. Professional fine arts logistics services provide high-end event logistics and supply chain solutions with value-added services (VAS).
These services include transportation, packaging, and storage. Additionally, the growing demand for professional fine arts logistics services from professional fine arts dealers and galleries is attributed to high private sales of professional fine arts products.
UK Fine Art Market Dynamics
Major Drivers
Emergence of online retail and e-commerce channels
Customers are influenced by advertisements and promotions and get detailed product specifications on online platforms. Moreover, purchasing fine art products that are made through online platforms offers numerous benefits to customers, including convenience, ease of payments, discounts and special offers, and the ability to compare a variety of handcrafted products.
The emergence of online retail and e-commerce channels is driving the fine art market. The growing popularity of online sales, especially in developing countries, has encouraged people engaged in fine arts to offer their products at attractive prices through their proprietary online portals.
Increasing demand for professional fine arts
The growing demand for professional fine arts logistics services is expected to drive the fine art market. Professional fine arts logistics services provide high-end event logistics and supply chain solutions with value-added services (VAS). These services include transportation, packaging, and storage.
Additionally, the growing demand for professional fine arts logistics services from professional fine arts dealers and galleries is attributed to high private sales of professional fine arts products.
Major Restraints
High availability of alternative products such as murals, lighting, wallpapers, and others is restraining the market growth. Additionally, the high cost of premium-based art frames and antiques is decreasing the product demand among the middle & lower-income population groups.
Huge competition from the local industry players affects the product revenues of key players, thus limiting the market growth.
Emerging Opportunities
ICEFTA represents more than 70% of independent transportation art firms from more than 30 countries. ICEFTA helps to promote premium standards in fine arts galleries and museum shipping. The organization promotes the exchange of ideas between players in terms of shipping, packaging, and forwarding artifacts and antiquities through annual conventions.
Moreover, various art transportation firm represented by ICEFAT specializes in shipping artwork and handling works of art, antiquities, and artifacts for galleries, museums, auction houses, dealers, and private art collectors. Thus, the establishment of the International Convention of Exhibition and Fine Art Transporters (ICEFAT) is anticipated to propel the market.
Scope of UK Fine Art Market Report
The report on the UK Fine Art Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Fine Art Market – UK Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2015–2020
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Forecast Period
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2022–2030
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Segmentation
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Type (Drawing [Charcoal, Chalk, Pastel, Pencil, Others]), (Painting, Sculpture [Encaustic Painting, Tempera Painting, Oil Painting, Others]), (Print Making [Engraving, Etching, Lithography, Others]) and Others), Distribution Channel (Online, Offline), Age Group (18-24, 25-34, 35-44, 45-54, 55-64, 65 and above), End User (Art Dealers & Galleries, Auction Houses, Museum & Art Fair, Others)
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Country Scope
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UK
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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Fabulous Masterpiece, EAMES FINE ART, Hancock Gallery, Haynes Fine Art of Broadway, Chantry Fine Art, ADDIS FINE ART, Robert Perera Fine Art Ltd, Tindalls the Stationers Ltd., Castle Fine Art, Halcyon Gallery.
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UK Fine Art Market Segment Insights
The UK Fine Art Market is segmented on the basis of Types, Distribution Channel, Age Group, and End User.
Product Segment Analysis
On the basis of products, the UK fine art market is segregated into drawing, painting, sculpture, printmaking, and others. The drawing segment is projected to expand during the forecast period, due to the rising number of young artists and the increasing popularity of drawing in the market.
The painting segment is expected to hold a substantial share of the market, owing to rising demand for wall decoration in various applications such as residential, commercial, and industrial.
The sculpture segment is expected to hold a substantial share of the market in the near future, due to the rising investments by various private investors. These investors invest in high-value sculptures and make a profit out of these investments by selling those sculptures.
Distribution Channel Segment Analysis
Based on the distribution channel, the UK fine art market is segmented into offline and online. The online segment is projected to expand at a significant CAGR during the forecast period, due to the rising number of websites that offer online art for sale over the last few years. Online sales reach a large audience, especially a young clientele, which is comfortable buying online.
The offline segment is expected to hold a substantial share of the market during the forecast. Offline shopping is the traditional way of shopping at the counter or shop. Marketing artwork offline is a great way to generate sales, build a brand, and grow the business.
Age Group Segment Analysis
Based on age group, the UK fine art market is segmented into 18–24, 25–34, 35–44, 45–54, 55–64, and 65 & above. Strong interest generated among youngsters regarding the collection of art is driving the 18-24 segment.
The number of millennials that collect art products is growing rapidly, as they buy more art and spend more on it than any other demographic. In recent years, galleries are focused on attracting and retaining the attention of millennials (aged between 23 and 38).
Millennial buyers view art through a prism of social and investment values. While buyers aged between 40 and 64 generate the largest number of sales, high growth year-on-year was registered among collectors under the age of 40, having increased from 6% to 19%. 21% of contemporary collectors are aged under 40 in 2019.
End-user Segment Analysis
Based on end-user, the UK fine art market is segmented into art dealers and galleries, auction houses, museums and art fairs, and others. The demand for logistics services for fine arts is high. Art galleries increase the brand value of art products, thus generating high sales of fine arts product.
The increased digital presence of auction houses has boosted the market. Online auctions are available for everyone regardless of location. People are buying art and collectibles as alternative investments. These art pieces are regarded as lifetime investments.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the UK Fine Art Market
- Historical, Current, and Projected Market Size in terms of Value
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints, and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on UK Fine Art Market Performance
Segments
Products
- Drawings
- Charcoal
- Chalk
- Pastel
- Pencil
- Others
- Painting
- Encaustic Painting
- Tempera Painting
- Oil Painting
- Others
- Sculpture
- Bronze
- Stone
- Wood Carving
- Print Making
- Engraving
- Etching
- Lithography
- Others
Distribution Channels
Age
- 18-24
- 25-34
- 35-44
- 45-54
- 55-64
- 65 and above
End-user
- Art dealers and galleries
- Auction houses
- Museums and art fairs
- Others
Key Players
Competitive Landscape
Key players operating in the market are Fabulous Masterpiece, EAMES FINE ART, Hancock Gallery, Haynes Fine Art of Broadway, Chantry Fine Art, ADDIS FINE ART, Robert Perera Fine Art Ltd, Tindalls the Stationers Ltd., Castle Fine Art, Halcyon Gallery.
These are fine art galleries and stores that specialize in producing paintings, drawings, sculptures, print making and others. The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunities for the UK Fine Art Market.
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