artwork Articles

What is nouveau art?

A certificate of authenticity (COA) for artwork is a crucial document that verifies the originality of a piece. It's akin to a passport for a painting, a digital signature for a sculpture, or a birth certificate for a photograph. Essentially, it's a formal declaration by the artist confirming that a particular piece is their genuine creation.

Art enthusiasts and market observers, take note! Art Basel and UBS have finally unveiled the highly anticipated Art Market Report 2024. Authored by the esteemed Clare McAndrew, founder of Arts Economics, this annual analysis provides an in-depth review of the international art market. 

The art world has adapted and evolved throughout history, and in 2024, galleries are once again looking for new ways to promote artworks among collectors, for example, the Ullens Center for Contemporary Art (UCCA) in Beijing launched a pilot program in March 2021 to fractionalize ownership of artworks by Chinese artists through NFTs. This process allowed a more comprehensive range of collectors to participate in the ownership of valuable pieces while providing the gallery and artists with new revenue streams. While the art galleries’ NFT boom may have subsided, established galleries still consider incorporating non-fungible tokens into their business operations. 

The modern art market is dynamic and ever-evolving. New art trends emerge, tastes shift, and preferences transform rapidly. As a result, galleries and collectors must pay special attention to changes in the market. Otherwise, it won't be easy to successfully reach new audiences, find valuable masterpieces, and distinguish actually valuable insights in art market reports.

While the meteoric rise of NFTs in 2021 captured headlines, 2024 paints a more nuanced picture of the NFT and art market. Gone are the days of frenzied bidding wars and overnight success stories. Instead, the market has undergone a period of consolidation, focusing on long-term value and utility.