Peculiarities of Art Business Development in the Concept of Formation of a Global Creative Economy
Year: 2025
Type: article
Abstract: The creative economy, which combines culture, innovation and entrepreneurship, is actively developing, influencing the global economy. Art business merges artistic expression with market mechanisms, creating a dynamic ecosystem where creativity meets commerce. The processes of commercialization, digitalization and financialization are reshaping the sector, providing artists and investors with new opportunities for engagement and profit generation. Technology plays a crucial role in this transformation: blockchain ensures transparency of transactions, increasing trust and reducing fraud risks, while NFTs revolutionize ownership concepts, allowing artists to monetize their works in unprecedented ways. Virtual and augmented reality redefine the experience of interacting with art, enabling immersive exhibitions and digital galleries that transcend physical limitations. The growing role of environmentally sustainable art reflects global concerns about ecological responsibility, inspiring artists to use recycled materials and develop innovative approaches that align with green initiatives. Digital platforms continue to simplify access to the art market, offering creators direct engagement with collectors and audiences worldwide. The expansion of e-commerce, coupled with shifting consumer behavior, drives the demand for artworks, making it easier than ever for buyers to discover, purchase, and invest in pieces from any corner of the world. As social networks gain influence, independent artists increasingly leverage online platforms to build their personal brands, attract audiences, and establish direct connections with collectors without relying on traditional intermediaries. This democratization of the art market fosters diversity, giving rise to new artistic movements and fresh perspectives. The integration of artificial intelligence is another emerging trend, offering tools for generative art, automated curation, and data-driven insights that help predict market trends. The future of the art business is shaped by these innovations, reinforcing its status as a significant component of the global economy, where creativity and commerce continue to evolve in synergy.
Source: Market Infrastructure
Authors: Nataliia Skrypnyk, Olena Butyr
Language: English
Subfield: Visual Arts and Performing Arts
Field: Arts and Humanities
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4411572214