Get ready for a new world order: art market experts make their predictions for 2022

U.S. dominance, industry collaboration and growing concerns about climate change are all on the minds of art market experts - and, of course, NFT.

Art market experts interviewed by The Art Newspaper gave their thoughts on what to expect from the art market in 2022.

According to ArtTactic analyst Anders Petterson, the dominance of the American art market will grow in 2022. In 2021, more than half (51%) of the turnover of Sotheby's, Christie's and Phillips brought in sales in New York. By comparison, in 2020 the figure was 43%. Petterson believes that pent-up demand, asset diversification and generational shifts in the art market will only reinforce this trend.

It's also understood that COVID-19 isn't going anywhere in 2022, the spread of the new Omicron strain is evidence of that. New York gallerist Nicola Vassel believes that while the market will continue to thrive despite inflation, "we'll stick with the new seasonal pace, the ebb and flow of Covid. Activity will increase when transmission is low and decrease during particularly dangerous periods."

And here's what impact the spread of the virus will have on the NFT market Jason Bailey shared, "I'm not worried about the NFT market because historically NFT has a special position in the bear market because of its innovation and ease." Art Basel head Mark Spiegler believes that in 2022 there will be a growing interpenetration of the NFT community and the traditional art market. "The NFT space will become more interesting - mostly from a conceptual rather than an aesthetic perspective. This is a book that shouldn't be judged by its cover," Spiegler concludes.

Most of the experts interviewed agree with Spiegler that tokens aren't going anywhere. According to Hong Kong art consultant Yuki Terase, NFT will create a new ecosystem, fundamentally change our perception of art, and Asian collectors will play a decisive role in this process. All this will create an even more polarized world, divided between fans of the tokens, ready to rush into a whirlwind of speculation with them, and skeptics, who prefer to take a wait-and-see attitude.

The same thing, but in a non-digital form, will happen to the markets for young contemporary artists. There will be even more speculation on popular artists who are under 35 years old. "There are artists who meet certain requirements: their work must look good on a cell phone screen; sculpture and abstraction are less likely to fall into this category. Alas, because of these factors, some careers will end before they start," a certain London gallerist commented anonymously. Other trends in 2022 predicted by experts include the growing environmental awareness of market players, the growth of intra-industry collaborations and a focus on inclusive creativity.