New digital technologies are changing the world and despite art being a rather conservative environment, technology is having a strong impact on this world too. The pandemic accelerated such digitalization phenomenon as technology became a crucial asset allowing art businesses to survive.
The art market in particular is experiencing radical changes. On one hand, online channels are gaining importance both in terms of sales and as customer touchpoints, often giving rise to rich experiences based on Augmented Reality. On the other hand, technologies such as blockchain and NFTs are giving birth to new art asset classes, reshaping the art market from the inside. Specifically, blockchain not only has the potential to improve authentication and overall safety within the market but is also enabling the creation of a new digital-only art market.
Professor Andrea Rurale, Director of the Master in Arts Management and Administration (MAMA) and coordinator of the Arts & Culture Knowledge Center,just moderated the panel “Art as an Asset Class – Art and New Technologies” at EXPO 2020’s Monaco Pavilion. The discussion will revolve around how art investments and the art market as a whole are changing.
“New technologies are transforming the art market,” states Professor Rurale, “forcing us to continuously educate ourselves, in order to be ready to face new challenges and to leverage the incredible potential offered by digital innovation.”
SDA Bocconi School of Management