Essays

Technology has reshaped the art market over the last decade for everyone, but the transformation ahead will be nothing short of revolutionary. The power structures that once held considerable market share before social media and e-commerce remained resilient to the systemic change that disrupted industries like retail, media, and hospitality. These sectors were overhauled by technological forces, while the art market’s core institutions—galleries, museums, art fairs, and auction houses—largely continued operating under familiar structures. But beneath the surface, accelerating shifts are already driving a new era that few are talking about.

The UK's economy has endured a turbulent trajectory since its departure from the European Union in January 2020. Once hailed as a bastion of financial and cultural influence, the nation has faced GDP stagnation, a declining currency, mass corporate exodus, a cost-of-living crisis, and rampant government instability. Brexit reformers promised a long list of economic benefits for the UK that in reality have delivered a wide array of unintended consequences. In 2023, the UK lost its number two position in the global art market to China, further widening the gap with the US. 

In the art world, two figures stand at the helm of its most prestigious auction houses which account for a lion's share of public trading volume every year: François Pinault, owner of Christie's, and Patrick Drahi, owner of Sotheby's.