THE END OF THE ART OLIGARCHY

& the Democratization of the Art Market!

A new wave of art start ups had the art world in its sights. Since 2013, $1 Billion has been raised for this sector. Bringing to market products such as provenance trackers, collection management systems, blockchain, and virtual reality gallery experiences. Technology promises to affect every aspect of the art world for artists, galleries, dealers and auction houses.

This digital disruption effectively is fueling the democratization of the art market, expanding the traditional boundaries of the art market to mass audiences in combination with virtual reality platforms expanding the reach of art. By decentralizing and expanding the market place, savvy collectors will find many more opportunities. New buyers will find it easier to navigate the art market with easier access to artists on different platforms such as NFT BAZL.

NFT BAZL was the brainchild of GDA Capital and Elitium. The platform is now bridging the gap between the antiquated art world and disruptive technology, harnessing the NFT phenomenon.

It’s a showcase of how the blockchain will eliminate the need for tracking art, its provenance and source, which will not only facilitate the transaction itself but will ultimately reduce transaction time and the security the buyer will feel when completing a transaction.

The globalization of the art market has opened many opportunities to reach broader audiences, with more transparency and efficiency by eliminating many unknowns of these unregulated markets. As collectors gain confidence in this new and accessible democratized art market, they will be able to evaluate and purchase art as an asset class further spurring the growth of this phenomena.

By Estelle Ohayon

As a novice art buyer, the art market seemed like a difficult space to navigate. Seemingly controlled by art dealers, gallerists, curators, art influencers and the select elite who had access to their knowledge and insight.

How would one know where to enter this space without the direct introduction or knowledge of the art or artists work themselves? This daunting undertaking has kept the art market and its buyers, in both primary and secondary art markets, very small and exclusive with no rights of entry. Plagued with inefficiencies, lack of transparency and regulation, it was overdue for an overhaul.