LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global fine arts logistics market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Since 1980, there has been a steady rise in the value of collector pieces, art, and antiques, which are traded globally. During 2011-2016, there was more than 6% increase in the cross-border trade of fine arts products, which is driving the growth of the global fine arts logistics market.
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The top three emerging market trends driving the global fine arts logistics market according to Technavio research analysts are:
- Increasing fine arts auction house sales worldwide
- Technological advances in fine arts logistics
- Growing demand for professional fine arts logistics services
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Increasing fine arts auction house sales worldwide
Postwar-contemporary and modern art accounted for more than 50% of fine arts auction houses' sales worldwide in 2016. Countries, such as the US and the UK, have the most number of auction houses globally. Other fine arts products include works on paper and antiques, paintings, ancient art, and La haute joaillerie.
The US experienced an increase of more than 4.5% in the price of Old Masters and Impressionist Art in 2016. Strong sales of paintings were observed in China and the US auction houses that surged the painting prices by 15% in the US and China during 2012-2016.
“Antiques account for more than 18% of the world fine arts auction sales. Prices for contemporary art globally have also increased. The increase in sales of fine arts products, such as postwar-contemporary, modern art, and paintings, has surged the demand for fine arts logistics services in various countries, such as the US, the UK, Russia, China, and Brazil,” says Shakti Jakhar, a lead analyst at Technavio for logistics research.
Technological advances in fine arts logistics
The use of upgraded technologies in fine arts logistics services is likely to increase during the forecast period. Fine arts logistics firms provide a range of technologically specialized logistics services, such as radio-frequency identification (RFID) for fine arts inventory tracking, GPS-enabled transportation trucks for tracking, bar coding, and MIS-related services. These IT-enabled services increase the efficiency of logistics services, on scheduling transportation and delivery, and inventory management.
Also, fine arts logistics vendors in the market are now using customer relationship management (CRM) solutions, which are cloud-based, to enhance the shipper-vendor relationship by providing more visibility in the supply chain process, thus reducing complexity in supply chain management.
Growing demand for professional fine arts logistics services
The market is experiencing an increased demand for professional fine arts logistics services that provide high-end event logistics and supply chain solutions, with value-added services (VAS). Some of these services are assortment, packaging, and delivering of sculptures, paintings, artifacts, fine arts event stage set-up; site research and selection; travel management; onsite office infrastructure; theme decor; fine arts event planning and management; program security and management information system services in the fine arts logistics supply chain, and various other legal formalities necessary in the process.
“The market will see a trend where shippers will prefer fine arts logistics vendors that offer a one-stop solution, thereby providing different services to fine arts dealers and galleries, and avoiding the tediousness associated with outsourcing different tasks to different vendors. At present, there are few such players in the market,” says Shakti.
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