Collectors demand transparency on prices, gallery owners do not respond

What are the main similarities and differences between collectors and galleries? Do the most important market segments for galleries really coincide with those most desired by collectors? These questions - and many more - have been answered by Artsy, the leading American art market platform, in a recent report offering an up-to-date snapshot of the art market. For the first time, the study analysed both sides of the market simultaneously, collecting more than 1,600 responses from galleries and collectors from over 60 countries. The picture that emerges is complex and, in some places, surprising. One fact stands out above all others: only 17% of collectors believe that the art market responds "very well" to their needs, a perception that runs through the entire report and that puts a fundamental issue at the centre: transparency..

When it comes to buying art, collectors want to know more: clear prices, detailed information on provenance, stories of the works. Yet, according to the report, the market continues to be perceived as opaque and inaccessible. 69% of collectors said they hesitated to buy because of the lack of transparency. Only 5% considered the art market to be "completely" transparent on crucial issues such as provenance, authenticity and prices. Not surprisingly, when asked what could improve the buying experience, 60% of collectors answered: more transparency on prices. This need is amplified in the digital world. For those who buy art online, the main obstacles are the lack of detailed information about the works (48%) and the absence of a visible price (43%). Websites without details, vague ads, missing titles contribute to making the art world intimidating, especially for new collectors. And galleries are aware of this (62% recognise the importance of transparency for their customers) but do not do enough. Only 1% consider it "not at all" important. The figures speak for themselves: works with a visible price on the Artsy platform are six times more likely to be sold than those without. Yet despite this awareness, only 44% of galleries display prices online for all works, another 25% only provide prices on request and for many collectors, having to "ask for the price" sends a clear message: "The work is too expensive".

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In an art market increasingly affected by economic uncertainty, collectors' behaviour is also changing. In 2024, around one third of collectors became more selective in their purchases, while only a small minority increased their budgets compared with the previous year. The feeling of instability is also reflected on the gallery front: for 75%, economic uncertainty is the biggest challenge they face today, followed by changing collector behaviour and falling demand. And for the future, almost half of the industry players expect the economic difficulties to continue to profoundly affect the market. There is no change in collectors' attitudes towards art fairs, which continue to be a way of making contact with galleries, even if enthusiasm among collectors seems to have waned. The percentage of respondents (39%) stated that fairs are "somewhat important" in their path to buying art, followed by 29% who stated that these events are "not very important". Against this background, art prices have become an even more sensitive issue. Many galleries predicted a slight price increase in 2024, partly due to inflation which continues to affect costs. But collectors' attitudes are becoming more cautious: increasingly, they are reluctant to accept high prices and for many - around three out of four - too high costs are a real obstacle to purchase. Not only that: 78% of collectors admit that they have given up buying a work because it was considered out of reach compared to their budget.

And when it comes to establishing whether a price is 'right', collectors seem to rely mainly on comparison: they look at similar works, consult auction results, look for references. Galleries, on the other hand, set prices according to slightly different criteria: the prestige of the artist is the most important factor, followed by size, type of medium and - only afterwards - market demand. Ultimately, for both buyers and sellers of art, today the value of a work is no longer just a matter of taste or intuition: it is increasingly the result of a complex balance between reputation, market and economic perception. In this still challenging economic environment, galleries are turning to digital channels as a means to reach new collectors and facilitate business. Indeed, more than half of the galleries stated that they are expanding their online channels in response to the challenges they face. For their part, collectors are using online platforms such as Instagram and Artsy to discover new artists. This trend is particularly evident among young collectors, to whom most galleries give priority in their outreach efforts. Indeed, as the art market is undergoing a sustained correction - as evidenced by the decline in auctions and the feedback Artsy has received from galleries over the past year - it is perhaps more important than ever to facilitate dialogue between different parts of the industry.