According to Invaluable, Fine art, a traditionally opaque and fragmented market, is now more transparent and democratic than ever before. As fine art sales soar, buyers and sellers are also becoming more familiar and comfortable with art sales' slow but steady digital migration.
And the global fine art market is undoubtedly growing. According to The European Fine Art Foundation's (TEFAF) 2015 Art Market Report, it reached a total of over $57.5 billion in 2014, the highest it's ever been. The US, China, and the UK were the three major players in these fine art sales, and postwar and contemporary art comprised the largest sector of the market in 2014.
Recent record-breaking prices for modern and contemporary art has sparked excitement and interest into the art market as a whole, including works by lesser known artists.
At the high end, postwar, contemporary, and modern art continue to dominate the art market today. Among budding collectors, works on paper by European and American artists of the 1950s and '60s have become increasingly popular, including drawings and prints by the Abstract Expressionists and Pop Artists of the era.