As the sands shift around digital marketing, says Mike Wickham of Impression, it might be time to reconsider how we target customers online.

Good marketing should always be a win-win. The consumer should win because they’re being provided with a relevant option for whatever it is they’re in the market for. The brand should win by meeting that need and by providing its product or service to the right audience, hopefully, at the right cost.

Wan Chai Harbourfront Event Space (灣仔海濱活動空間) (WCHES) is introducing a 10-day immersive art experience with five major thematic mazes from tomorrow (15 March 2024) until 24 March 2024.

Also known as “A-Maze-ing Harbourfront” (迷趣海濱), the project is organised by event company Serious Staging. It is appointed by the Hong Kong government to manage and operate the WCHES.

Meanwhile, the maze design team comprises various artists and creative professionals, including Philip Fung, architect; Kan Srisawat, landscape designer; Calix Wong, designer; and Grace Au, creative cultural project curator.

A spokesperson from the project told MARKETING-INTERACTIVE that the project aims to offer a truly immersive art experience that incorporates elements of creative art, entertainment, Instagrammable spots, and fun adventure; attract local residents and tourists; as well as further boost the attractiveness of the city.

“While all mazes are designed and constructed to provide barrier-free access and accommodate wheelchairs, the event is truly inclusive and welcomes everyone to come and play,” the spokesperson said.

The project comprises five major mazes: Time Maze (迷時) – focused on light and shadow, Infinite Mirror Maze (鏡院) – designed with mirror reflections, Lost in the Woods (迷走竹林) – constructed with the use of bamboo elements, Light Box Maze (光盒子) – immersing individuals in a series of unique light boxes, and Air Maze (躍動迷城) – specially designed for highly energetic children.

Furthermore, a race day event will be organised, where participants will complete photography missions in five mazes, share their photos on social media, and receive a small gift upon verification. This aims to enhance participants’ interest and engagement.

In terms of the medium of promotion, the spokesperson said the project is promoted via conventional media such as TV, radio, newspapers, and magazines. Online media platforms including Facebook, Instagram, YouTube, blogs, influencers, digital media, and forums are also leveraged.

The spokesperson said the event has dedicated social media pages on Facebook, Instagram, and Xiaohongshu, where regular updates, teasers, and engaging content will be shared with post boosting. This aims to create buzz and generate interest among potential attendees.

The project organiser has also collaborated with micro-influencers and content creators to share their experiences, provide photo tips and showcase Instagram-worthy photo shots. This aims to reach a wider audience and generate engagement.

Additionally, a programmatic keyword search is conducted in a lineup of popular lifestyle digital media platforms, aiming at youngsters and families who always search for exciting urban activities.

Join us this coming 26 June for Content360 Hong Kong, a one-day-two-streams extravaganza under the theme of “Content that captivates”. Get together with our fellow marketers to learn about AI in content creation, integration of content with commerce and cross-border targeting, and find the recipe for success within the content marketing world! 

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The annual report on the world’s art market tracks regional and sectoral changes, including the relative significance of online and in-person auctions and sales channels.       

Higher interest rates, inflation and political instability appear
to have taken the gloss from the world’s art market, with sales
falling 4 per cent in 2023 from a year before to an estimated $65
billion.

The eighth edition of the annual report co-published by Art Basel and UBS said, however, that all sales
dropped last year, but values held above the pre-pandemic 2019
level of $64.4 billion.

The volume of sales last year managed to rise, however, up to
39.4 million (+4 per cent), the study said.

The state of the world market for fine art can be a barometer for
the wealth management sector because it illuminates the
spending habits that ultra-high net worth and HNW individuals are
most passionate about. Clients are drawn to the sector both
emotionally and because of its investment potential. UBS is among
a cluster of major banks, such as Deutsche Bank and
Bank of
America that advise clients about art investment.

“The art market continues to prove its resilience. Alongside the
strength of financial markets, expected declines in interest
rates, and weakening inflation, this offers hope for 2024. We are
observing a shift in the luxury market away from goods purchases
toward spending more on ‘having fun’– leisure travel,
entertainment and socializing,” Paul Donovan, chief economist,
UBS Global Wealth Management, said. “Art is so much more than
possessing physical objects and the events, experiences, and
social networks associated with collecting should provide support
for the sector.”

Both public auction and dealer sales fell in 2023, although
the decline in auctions was more severe, falling by 7 per cent
versus a 3 per cent drop in dealer sales, and saved from a deeper
contraction through the injection of postponed 2022 sales in
China early in the year. Private sales at auction houses went
against the declining trend, increasing by 2 per cent
year-on-year.

Ronald Varney, principal of his eponymous firm, Ronald Varney
Fine Art Advisors – based in the US – commented on the report to
this publication. 

“The Art Basel and UBS Global Art Market Report 2024 is
a fascinating and deeply comprehensive analysis of the current
art market, examining buying and sale trends, developments with
the auction and private dealer markets, and the shifts in
collecting interests worldwide.  And while it shows that art
market growth in 2023 slowed overall, the volume of transactions
increased considerably, especially with transactions at lower
price levels.  And while the US maintains its lead as the
worldwide market leader, mainland China and Hong Kong have become
the second-largest market.

“And while the report stresses that the art market seems to have
returned to a state of `normalcy’ after the ravages and
dislocations of Covid, in some ways it fails to capture the
enormous enthusiasm that new and emerging collectors have shown
for all things `luxury,’ such as wine and whiskey, vintage
cars, collectibles of all sorts, watches and jewelry.  One
has only to see the great emphasis the major auction houses put
on such luxury items to know they are striving mightily to reach
younger audiences for the art market, which remains largely a
realm for older high net worth enthusiasts,” Varney said.

US remains number one
The US maintained its position as the leading market worldwide,
accounting for 42 per cent of sales by value, down by 3 per cent
year-on-year. China, including mainland China and Hong Kong,
became the second-largest global art market, with its share
rising to 19 per cent, while the UK fell back to third place with
a share of 17 per cent. France remained in a stable fourth
position at 7 per cent.

After a robust recovery to reach a record high of $30.2 billion
in 2022, the US market contracted 10 per cent to $27.2 billion in
2023. The US remained the key center worldwide for sales of
the highest-priced works of art, and while 2022 was a record year
for high-end auction sales, the decline in 2023 reflected thinner
trading at the top, leaving the market just below its level in
2019.

Sales in China rallied against the declining trend, increasing by
9 per cent to an estimated $12.2 billion. As the economy reopened
in January 2023 following strict Covid-related lockdowns in 2022,
there was a surge of activity in the art market in the first half
of the year, with postponed auction inventories sold to
enthusiastic post-lockdown buyers, while Hong Kong’s major fairs
and exhibitions returned to their full-scale programs.

The second half of the year was considerably slower, however,
with projections of weaker economic growth and a persistent real
estate slump weighing on demand and indicating that some of the
outperformance in 2023 may have been driven by the unique
reopening.

After showing much resilience to intense economic and political
pressures in 2021 and 2022, sales in the UK market fell by 8 per
cent to $10.9 billion in 2023. The UK is an important hub
globally and within Europe for sales of the highest-priced
works. As these works thinned out and imports of art to the
UK declined, the market fell to 11 per cent below its
pre-pandemic level ($12.2 billion in 2019).

Following a strong recovery, with sales growth of 62 per cent
over 2021 and 2022, sales in the French market fell by 7 per cent
in 2023 to $4.6 billion, although remaining just above their
level in 2019. There was mixed performance in the rest of Europe,
and sales in the European Union fell by 2 per cent to an
estimated $8.6 billion.

Online
Online sales continued to grow despite the downturn in the
market, reaching an estimated $11.8 billion in 2023, a rise of 7
per cent from 2022. Although down from a pandemic-induced peak in
2021 of $13.3 billion, sales remained almost double the level of
2019 or any year before that, and accounted for 18 per cent of
the market’s total turnover.

While there were many examples of transactions at high prices in
online-only sales, the tendency for the most expensive works to
be predominantly sold offline remained.

Data from the fine art auction sector in 2023 showed that, like
offline, the vast majority (over 95 per cent) of transactions in
online-only auctions were for prices below $50,000. However,
unlike offline sales which were heavily dominated by value in the
$1 million-plus segment, 58 per cent of the value of the
online-only fine art auction market in 2023 was for sales
below $50,000 and over 85 per cent was works sold for less
than $250,000.

The annual report on the world’s art market tracks regional and sectoral changes, including the relative significance of online and in-person auctions and sales channels.

Higher interest rates, inflation and political instability appear
to have taken the gloss off the world’s art market, with sales
falling 4 per cent in 2023 from a year before to an estimated $65
billion.

The eighth edition of the annual report co-published by Art Basel and UBS said, however, that all
sales dropped last year, but values held above the pre-pandemic
2019 level of $64.4 billion.

The volume of sales last year managed to rise, however, up to
39.4 million (+4 per cent), the study said.

The state of the world market for fine art can be a barometer for
the wealth management sector, because it illuminates the spending
habits that ultra-high net worth and HNW individuals are most
passionate about. Clients are drawn to the sector both
emotionally and because of its investment potential. UBS is among
a cluster of major banks, such as Deutsche Bank and Bank of
America that advise clients about art investment.

“The art market continues to prove its resilience. Alongside the
strength of financial markets, expected declines in interest
rates, and weakening inflation, this offers hope for 2024. We are
observing a shift in the luxury market away from goods purchases
towards spending more on ‘having fun’ – leisure travel,
entertainment and socializing,” Paul Donovan, chief economist,
UBS Global Wealth Management, said. “Art is so much more than
possessing physical objects and the events, experiences, and
social networks associated with collecting should provide support
for the sector.”

Both public auction and dealer sales fell  in 2023, although
the decline in auctions was more severe, falling by 7 per cent
versus a 3 per cent drop in dealer sales, and saved from a deeper
contraction through the injection of postponed 2022 sales in
China early in the year. Private sales at auction houses went
against the declining trend, increasing by 2 per cent
year-on-year.

Ronald Varney, principal of his eponymous firm, Ronald Varney
Fine Art Advisors – based in the US – commented on the report to
this publication. 

“The Art Basel and UBS Global Art Market Report 2024 is
a fascinating and deeply comprehensive analysis of the current
art market, examining buying and sale trends, developments with
the auction and private dealer markets, and the shifts in
collecting interests worldwide.  And while it shows that art
market growth in 2023 slowed overall, the volume of transactions
increased considerably, especially with transactions at lower
price levels.  And while the US maintains its lead as the
worldwide market leader, mainland China and Hong Kong have become
the second-largest market.

“And while the report stresses that the art market seems to have
returned to a state of `normalcy’ after the ravages and
dislocations of Covid, in some ways it fails to capture the
enormous enthusiasm that new and emerging collectors have shown
for all things `luxury,’ such as wine and whiskey, vintage
cars, collectables of all sorts, watches and jewellery.  One
has only to see the great emphasis the major auction houses put
on such luxury items to know they are striving mightily to reach
younger audiences for the art market, which remains largely a
realm for older high net worth enthusiasts,” Varney said.

US remains number one
The US maintained its position as the leading market worldwide,
accounting for 42 per cent of sales by value, down by 3 per cent
year-on-year. China, including mainland China and Hong Kong,
became the second-largest global art market, with its share
rising to 19 per cent, while the UK fell back to third place with
a share of 17 per cent. France remained in a stable fourth
position at 7 per cent.

After a robust recovery to reach a record high of $30.2 billion
in 2022, the US market contracted 10 per cent to $27.2 billion in
2023. The US remained the key centre worldwide for sales of the
highest-priced works of art, and while 2022 was a record year for
high-end auction sales, the decline in 2023 reflected thinner
trading at the top, leaving the market just below its level in
2019.

Sales in China rallied against the declining trend, increasing by
9 per cent to an estimated $12.2 billion. As the economy reopened
in January 2023 following strict Covid-related lockdowns in 2022,
there was a surge of activity in the art market in the first half
of the year, with postponed auction inventories sold to
enthusiastic post-lockdown buyers, while Hong Kong’s major fairs
and exhibitions returned to their full-scale programmes.

The second half of the year was considerably slower, however,
with projections of weaker economic growth and a persistent real
estate slump weighing on demand and indicating that some of the
outperformance in 2023 may have been driven by the unique
reopening.

After showing much resilience to intense economic and political
pressures in 2021 and 2022, sales in the UK market fell by 8 per
cent to $10.9 billion in 2023. The UK is an important hub
globally and within Europe for sales of the highest-priced works,
and as these thinned out and imports of art to the UK declined,
the market fell to 11 per cent below its pre-pandemic level
($12.2 billion in 2019).

Following a strong recovery, with sales growth of 62 per cent
over 2021 and 2022, sales in the French market fell by 7 per cent
in 2023 to $4.6 billion, although remaining just above their
level in 2019. There was mixed performance in the rest of Europe,
and sales in the European Union fell by 2 per cent to an
estimated $8.6 billion.

Online
Online sales continued to grow despite the downturn in the
market, reaching an estimated $11.8 billion in 2023, a rise of 7
per cent from 2022. Although down from a pandemic-induced peak in
2021 of $13.3 billion, sales remained almost double the level of
2019 or any year before that, and accounted for 18 per cent of
the market’s total turnover.

While there were many examples of transactions at high prices in
online-only sales, the tendency for the most expensive works to
be predominantly sold offline remained.

Data from the fine art auction sector in 2023 showed that, like
offline, the vast majority (over 95 per cent) of transactions in
online-only auctions were for prices below $50,000. However,
unlike offline sales which were heavily dominated by value in the
$1 million-plus segment, 58 per cent of the value of the
online-only fine art auction market in 2023 was sales at prices
below $50,000 and over 85 per cent was works sold for less than
$250,000.

The annual report on the world’s art market tracks regional and sectoral changes, including the relative significance of online and in-person auctions and sales channels.

Higher interest rates, inflation and political instability appear
to have taken the gloss off the world’s art market, with sales
falling 4 per cent in 2023 from a year before to an estimated $65
billion.

The eighth edition of the annual report co-published by Art Basel and UBS said, however, that all
sales dropped last year, but values held above the pre-pandemic
2019 level of $64.4 billion.

The volume of sales last year managed to rise, however, up to
39.4 million (+4 per cent), the study said.

The state of the world market for fine art can be a barometer for
the wealth management sector, because it illuminates the spending
habits that ultra-high net worth and HNW individuals are most
passionate about. Clients are drawn to the sector both
emotionally and because of its investment potential. UBS is among
a cluster of major banks, such as Deutsche Bank and Bank of
America that advise clients about art investment.

“The art market continues to prove its resilience. Alongside the
strength of financial markets, expected declines in interest
rates, and weakening inflation, this offers hope for 2024. We are
observing a shift in the luxury market away from goods purchases
towards spending more on ‘having fun’ – leisure travel,
entertainment and socializing,” Paul Donovan, chief economist,
UBS Global Wealth Management, said. “Art is so much more than
possessing physical objects and the events, experiences, and
social networks associated with collecting should provide support
for the sector.”

Both public auction and dealer sales fell  in 2023, although
the decline in auctions was more severe, falling by 7 per cent
versus a 3 per cent drop in dealer sales, and saved from a deeper
contraction through the injection of postponed 2022 sales in
China early in the year. Private sales at auction houses went
against the declining trend, increasing by 2 per cent
year-on-year.

Ronald Varney, principal of his eponymous firm, Ronald Varney
Fine Art Advisors – based in the US – commented on the report to
this publication. 

“The Art Basel and UBS Global Art Market Report 2024 is
a fascinating and deeply comprehensive analysis of the current
art market, examining buying and sale trends, developments with
the auction and private dealer markets, and the shifts in
collecting interests worldwide.  And while it shows that art
market growth in 2023 slowed overall, the volume of transactions
increased considerably, especially with transactions at lower
price levels.  And while the US maintains its lead as the
worldwide market leader, mainland China and Hong Kong have become
the second-largest market.

“And while the report stresses that the art market seems to have
returned to a state of `normalcy’ after the ravages and
dislocations of Covid, in some ways it fails to capture the
enormous enthusiasm that new and emerging collectors have shown
for all things `luxury,’ such as wine and whiskey, vintage
cars, collectables of all sorts, watches and jewellery.  One
has only to see the great emphasis the major auction houses put
on such luxury items to know they are striving mightily to reach
younger audiences for the art market, which remains largely a
realm for older high net worth enthusiasts,” Varney said.

US remains number one
The US maintained its position as the leading market worldwide,
accounting for 42 per cent of sales by value, down by 3 per cent
year-on-year. China, including mainland China and Hong Kong,
became the second-largest global art market, with its share
rising to 19 per cent, while the UK fell back to third place with
a share of 17 per cent. France remained in a stable fourth
position at 7 per cent.

After a robust recovery to reach a record high of $30.2 billion
in 2022, the US market contracted 10 per cent to $27.2 billion in
2023. The US remained the key centre worldwide for sales of the
highest-priced works of art, and while 2022 was a record year for
high-end auction sales, the decline in 2023 reflected thinner
trading at the top, leaving the market just below its level in
2019.

Sales in China rallied against the declining trend, increasing by
9 per cent to an estimated $12.2 billion. As the economy reopened
in January 2023 following strict Covid-related lockdowns in 2022,
there was a surge of activity in the art market in the first half
of the year, with postponed auction inventories sold to
enthusiastic post-lockdown buyers, while Hong Kong’s major fairs
and exhibitions returned to their full-scale programmes.

The second half of the year was considerably slower, however,
with projections of weaker economic growth and a persistent real
estate slump weighing on demand and indicating that some of the
outperformance in 2023 may have been driven by the unique
reopening.

After showing much resilience to intense economic and political
pressures in 2021 and 2022, sales in the UK market fell by 8 per
cent to $10.9 billion in 2023. The UK is an important hub
globally and within Europe for sales of the highest-priced works,
and as these thinned out and imports of art to the UK declined,
the market fell to 11 per cent below its pre-pandemic level
($12.2 billion in 2019).

Following a strong recovery, with sales growth of 62 per cent
over 2021 and 2022, sales in the French market fell by 7 per cent
in 2023 to $4.6 billion, although remaining just above their
level in 2019. There was mixed performance in the rest of Europe,
and sales in the European Union fell by 2 per cent to an
estimated $8.6 billion.

Online
Online sales continued to grow despite the downturn in the
market, reaching an estimated $11.8 billion in 2023, a rise of 7
per cent from 2022. Although down from a pandemic-induced peak in
2021 of $13.3 billion, sales remained almost double the level of
2019 or any year before that, and accounted for 18 per cent of
the market’s total turnover.

While there were many examples of transactions at high prices in
online-only sales, the tendency for the most expensive works to
be predominantly sold offline remained.

Data from the fine art auction sector in 2023 showed that, like
offline, the vast majority (over 95 per cent) of transactions in
online-only auctions were for prices below $50,000. However,
unlike offline sales which were heavily dominated by value in the
$1 million-plus segment, 58 per cent of the value of the
online-only fine art auction market in 2023 was sales at prices
below $50,000 and over 85 per cent was works sold for less than
$250,000.

TOKYO — China reclaimed its position as the world’s second-largest art market in 2023, after the U.S., as pent-up demand supported sales of inventory left over from auctions canceled due to its strict zero-COVID policy.

China, including Hong Kong, overtook the U.K. to move up to second place in the rankings, with sales rising 9% to an estimated $12.2 billion, according to the Art Basel and UBS Global Art Market Report published Wednesday. Despite falling 10% in value year-on-year, the U.S. retained its top position with sales of $27.2 billion.

2. The US remained the largest art market, despite a notable drop

The US maintained its position as the largest national market, commanding 42% of sales by value, or USD 27.2 billion. This was despite a contraction of 10% from the USD 30.2 billion figure in 2022, which was its highest level to date. The 2023 value was just below the pre-pandemic level of 2019. Thinning sales at top price rungs hit the US market, where the highest-priced works are typically traded, particularly hard. Additionally, dealers struggled with higher expenses in the wake of the COVID-19 pandemic.

3. China surged past the UK to become the world’s second-largest market

Sales in China grew by a remarkable 9% to an estimated USD 12.2 billion from the previous year’s level of USD 11.2 billion. It bucked the trend of slowing national markets, emerging from COVID lockdowns to see an especially strong first half in the auction sector as a backlog of inventory came to the block – standing out as the only major national market to see growth at the top end. Art fairs in both mainland China and Hong Kong also ramped back up to full speed, driving dealer revenue higher.

The UK, meanwhile, saw its market drop by a stiff 8% to USD 10.9 billion in 2023 from its USD 11.9 billion level in 2022. As another hub for the priciest material at auction, it was strongly affected by the decline in trading at the top end.

The UK fell behind China to become the third-largest art market in 2023 amid a dip in global sales, a new report has found. 

The UK saw its market share fall by 1 per cent to 17 per cent year-on-year, according to The Art Basel and UBS Art Market Report 2024. 

[See also: Investing in art remains a risk worth taking]

It was overtaken by China, including Hong Kong, which was the only major market to report an uptick and saw a rise of 2 per cent to 19 per cent. The US remained the leading market worldwide with 42 per cent of sales by value, down 3 per cent year-on-year. 

The overall global art market eased by 4 per cent in 2023 to an estimated $65 billion, due in part to slower turnover at the high end of the market. 

However, volume of sales remained above pre-pandemic levels, due partly to continued growth in online sales, which represents 18 per cent of turnover, almost double its pre-Covid figure.

[See also: Driven by design: how car galleries have become the new motoring status symbol]

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Paul Donovan, chief economist at UBS Global Wealth Management, says it reflects the ‘resilience’ for the global market, with a brighter outlook for 2024. 

‘Alongside the strength of financial markets, expected declines in interest rates, and weakening inflation, this offers hope for 2024,’ he explains. ‘We are observing a shift in the luxury market away from goods purchases towards spending more on “having fun” – leisure travel, entertainment and socialising. Art is so much more than possessing physical objects and the events, experiences, and social networks associated with collecting should provide support for the sector.’

China unseats the UK art market

After showing much resilience to intense economic and political pressures in 2021 and 2022, sales in the UK market fell by 8 per cent to $10.9 billion in 2023, the report notes. This is 11 per cent below its pre-pandemic level of $12.2 billion in 2019.

[See also: China’s insatiable appetite for luxury should reassure investors]

Along with the lingering effects of the Covid-19 pandemic, the UK market has also come under pressure due to factors including Brexit. It has only experienced around half of the uplift of the US between 2019-2023. 

The 2023 dip was partly due to the slump in sales of the highest-priced works over the last year, which was a trend reflected globally. Values in the UK were 15 per cent lower than in 2013. 

There was also a drop in the number of imports of art and antiques to the UK in 2023, which forms the backbone of the market. Imports to the UK declined year-on-year, falling by 16 per cent from $2.8 billion in 2022 to $2.3 billion in 2023 – this is 26 per cent lower than the levels recorded in 2019. 

[See also: Is the superyacht industry sailing too close to the wind?]

Its place in the ranking was taken by China. The two countries ‘have seen a lot of reshuffling in their relative positions in the global ranks in the last 10 years’, the report notes. 

The Chinese market rallied against the overall trend as activity surged as post-lockdown buyers snapped up backlogged auction inventories. Hong Kong’s major art fairs and exhibitions also returned to full-scale programming following the relaxation of strict Covid-19 measures. 

Sales in China increased by 9 per cent to an estimated $12.2 billion for the year.

High end sales dip

Slower sales in the US and UK markets, as well as at the high end of the market, created an overall drag in sales worldwide. 

‘Rapidly escalating inflation and other economic concerns in different regions over the last two years have directly impacted the available discretionary income and subsequent spending for many collectors,’ the report notes. 

Although high-net-worth collectors will have been less impacted by the cost-of-living crisis, the economic environment has led to concerns over wealth creation and stability. This, combined with volatile social and political issues, means many have been less willing to make discretionary purchases and sales – or have been less focused on their collections. 

[See also: Price of fame: more HNW investors are buying into pop culture collectibles]

The report continues: ‘The significant and increasing proportion of HNW collectors that use credit or lending to make purchases for their collections were also likely to factor in the effects of increasing rates on the direct costs for purchasing.’

Despite the fall in value, the volume of transactions grew by 4 per cent YoY to 39.4 million. ‘The uplift in 2023 was due to the relative buoyancy in the volume of transactions at lower price levels, for both dealers and auction houses,’ the report observes. 

This differentiates the performance from previous slowdowns when the lower levels of the market took a hit as buyers made a ‘flight to quality’ at the high end of the market.