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Art Trend Report
Unity Marketing, April 2009, Pages: 6
Art and antiques prices are in freefall, with reports from the auction houses telling of lower prices and items left unsold. The problem is not restricted to art sold at auction. A new trend report on the luxury art and antiques market found that the average amount affluent consumers spent on most categories in the art market declined in 2008, based upon Unity Marketing quarterly tracking studies of the purchase behavior of affluent consumers (average income $197,000).
Affluents spent about 11 percent less on art and antiques in 2008 as compared with 2007, while purchase incidence remained steady, a recipe for a contracting market.
These results indicate that those who purchased art were either buying less expensive pieces or fewer pieces overall.
Or in the worse case scenario for marketers and retailers: they both bought fewer and less expensive pieces.
Research indicates which categories in the art market are up, and which are down
Pam Danziger, president of Unity Marketing, a consumer insights firm that specializes in the affluent market, explains, "The new trend report shows art marketers and retail dealers exactly which categories in the art market are drawing a greater share of the affluent's wallet, as well as which product categories are on the decline. With an understanding of what products are up and which are down, marketers can put the items with the best sales potential up-front and center, while de-emphasizing those items that are showing weakness in the current market."
In addition this new trend report identifies for marketers and retail dealers the demographic characteristics of their best potential customers, so they focus their marketing and advertising efforts toward their best prospects.
New trend report gives strategies for succeeding in changing art market
Clearly, "business as usual" just won't cut it for high-end art and antiques marketers looking to be competitive in the new, recession-scarred marketplace. In the new concise and highly-focused trend report on the art market, retailers and marketers will learn:
- What changes in spending patterns are exhibited by the affluent art and antiques consumer.
- What characteristics affluent consumers are most seeking in their art and antiques purchases, and what items deliver.
- Perspective on the use of sales or discounting.
- Who are the most likely consumers of art and antiques in a contracting market, and which future customers should be cultivated.
- What sales message the affluent art and antiques consumer finds compelling.
What sort of store environment the affluent art and antiques consumer seeks, and what this means for traditional art and antiques retailers.
Product categories covered in this trend report include:
- Original Art
- Already-Framed and Unframed Art Reproductions
- Sculpture/Statues/3D Art
- Wall Decor
- Art Glass
- Custom Framing
- Antique Furniture
"This report is written specifically for marketers that want the most up-to-date and salient facts to help them understand the current market and ways they can address their challenges. Unlike Unity Marketing's in-depth market research reports, the trend report summarizes the research data. It doesn't overwhelm the busy executive with a lot of detail they don't need, but points them to specific strategies they can take based upon the research findings," Danziger concludes.