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Features of the market
Chinese consumers show a growing interest for art in general. The country represents the second-biggest art market in the world. For example, in 2014, Christie’s global auction sales came from Asian buyers. Nowadays in China, there are many well-established base of collectors who show a significant interest to collect and invest in art. Actually, we should highlight the fact that some Western art pieces have been bought by very rich Chinese collectors. The general increase of wealth in China gives more weight to the Chinese art market and makes it more attractive. Therefore, Chinese contemporary art pieces become more and more valuable. There is also a moving interest for photography.
One major factor that allows us to bring these two industries together is the fact at that customers also use the internet to buy art items such as luxury ones. Considering the fact that these customers are mainly from the Y generation, they were raised with the internet and digital devices and platforms are part of their daily life. Artificial intelligence permits to collect numerous data about customers and then you are in the best conditions to target them. Indeed, you can know in a more precise way, what they really want in the specific period and you also have the possibility to influence their final decision.
In order to reinforce your chance to sell your art luxury goods, you can do partnerships with influencers and famous personalities because they will provide you better connection with costumers especially in digital context. Young customers are very sensitive to the influence of social media. In addition, because the Chinese art takes more and more importance in the cultural market, international brands pay more attention to them. In general, we can notice the importance of luxury on e-commerce sites such as Tmall and JD.com.
Art and Digitalization
Nowadays, art is not just about auction houses and online art sales. According to figures in 2016, the online art market was expected to grow of 15 percent compared to yesterday. The way of doing auction is completely changed because of the digitalization of the market. Sotheby’s and Christie’s are major players in this market. At Christie’s they recorded an increase of 84 percent in sales. In Sotheby’s company, they decided to make strategic investment in video content. Instagram represents of one its basic tool to communicate and influence buyers.Chinese consumers have evolving taste and they are looking for personalized products. International brands try to integrate in their production the tastes of Chinese consumers. For example, regarding jewellery, they intend to use more and more jade.
Artnet can be taken as an example to illustrate the mix between technology and art. They launched a mini program on Wechat with the purpose to catch the Chinese upper class. The put emphasis on search functionalities in galleries through GPS maps.
How could you enter in this market?
Define your target
In western countries, the costumers of this industry are mostly people in their 50’s. However, in China, millennials meaning people born in 80-90’s represent a serious target. Indeed, compared to their parents they earn more money and their living standard keep growing. These people grew up with technology and their consumption habits are different from the western costumers. The digitalization of the market really needs to be considered in your strategy. Thanks to new method and tools such as artificial intelligence , you are able to collect data on them in order to know very well.
Carve out a strong branding for your company
No matter what is your business , meaning that you can sell your own art pieces or maybe you can also choose to be a platform, you need to build a solid reputation through your website and social media. Especially in luxury when the competition is very fierce because of the leading position of big international players, if you want to be know you have to design a visible identity. You need to be trendy as much as possible. In order to achieve this goal, it is very important to have wide knowledge about the Chinese market. We have the skills to help you to create a good website with qualitative content. The reputation you will have also depends on a good SEO on Baidu . Indeed, google is forbidden in China and Baidu has its own way to function.
If you have any question regarding the luxury art market , please feel free to contact us and we will discuss about your project.
Read also: Luxury e-commerce is booming in China