At this age of the global village scenario, cultural diversity has become an important aspect of human life. Human beings are exhibiting a stronger appeal for cultural aspects than ever. They are incorporating aspects such as housing designs, clothing, eating habits and languages to their life. Others are going for collections of arts, galleries and artefacts that exhibit their connection to certain cultures. These aspects of cultural diversity have been a key thing in promoting global tourism and increasing value of product in areas such as real estates. Tourists have been carrying along souvenirs when they visit the cultural destination to leave a lasting memory of their trips. This recognition and acceptance of diversity among the human race has led to some aspects of culture being embraced at international level. For instance, in the United States, several institutions have started courses that seek to familiarize Americans with African languages. Besides languages, the hospitality sector has embraced diets from other parts around the globe. These foods are costly than local ones in efforts to show regard for culture. Besides the effort by the private sector, many governments have found themselves in the midst of cultural and artistic recognition. They have dedicated resources to building cultural centres that embrace fashions, galleries and caving, housing and other aspects of culture. Museums have also become an vital aspect of modern day life that is not only being considered as part of cultural preservation but sources of income. The whole sector has been commercialized, and artistic gallery and other creative works are generating more revenues nowadays. As part of this wave, I Fell Gallery has opened a store to respond to this market need. The centre is among many stores in Bloomington that are competing to have a larger market share in the sector.
Modern trends that have promoted art and gallery work as an ideal lifestyle
The increased appeal for artistic work is rooted in changing trends, especially influenced by mass media and celebrities. These trends have promoted public acceptance that gallery are an important part of human life. Nowadays, every home strives to have a wall portrait that eludes an aspect of ancient culture. More so, traditional gifts are being replaced by galleries (Weiss-Sussex and Bianchini, p.234). Because of this increasing appeal, this market has started receiving influence from conventional advertisement forces. They include targeting the youthful market, investing in social media adverts and using celebrities.
Public media have specifically played the greatest role in promoting the appeal of art. From written, spoken and broadcasted media, the large influence of this platform is too strong to resist. The influence has further been boosted by technological advancement that seeks to eliminate the traditional adverts and embrace the mobile technology. Of all the classification, social media has the highest influence. The platform is being used by the youthful generation who form the stability of the market. Together with internet, social media have been painted as the future of advertisement and communication industry. Companies that seek to maintain their sales have been urged to direct considerable efforts to the platform (Treadaway and Smith, p.36). It is this call that has seen I Fell Gallery turn to this platform to boost is chances of success. The ‘I fell Building’ has created a Facebook page that has so far received 554 likes. However, the management should dedicate adequate time and resources to boost the followings. More so, they should open up to other social sites such Twitter, WhatsApp, and Linked among others (Ranchhod and Gurău, p.58). Besides their presence in these sites, the stores should remain active and give trends of their events as soon as they are happening.
Another trend that has seen art market be recognized is acceptance among celebrities and prominent figures in the society. From giant companies to politics, celebrities are used to market goods and services. For instance, one reason why Pepsi Inc. has been able to outdo its biggest rival Coca-Cola Company in Indian market is by using celebrities to assure the public of quality. At its capacity, I Fell Gallery should embrace this aspect besides inviting recognized professors from Indiana University to their functions. Seeking celebrities hand in marketing is a key thing to increase their presence of their name among masses (Fifield, p.46).
Another approach that I Fell Building has taken is working with the students’ population from Indiana University. This is the future of the nation and tapping their potential and attention when they are still in school is a key thing to promoting sustainability of businesses (Walker, p.57). This has not been a concern for only businesses but also other aspect in life. They seek to capture the fresh brain when it is still aggressive and productive. ‘I Fell Gallery’ has collaborated with the department of fine art. In this partnership, I Fell Gallery wants to take advantage of the spacious I Fell Building and accommodate work from the department. They will seek to enjoy the benefits by tapping the 40,000-student population that will follow work of their colleagues finally becoming long time customers of I Fell gallery.
Exits of established Business organization
In the recent past, recognized business entities dealing in gallery, arts and crafts have exited the market. This aspect has created a new avenue for newcomers including I Fell Gallery being among them. Among them includes WheatonArts, Knoedler & Company, Etsy shop, Kentucky Shop, Antique Alley, Hobby Lobby, Pearl, Eckersley’s Art and craft, Brown County Pottery and Michaels among others (Viders)
Economic factors that will guide galleries/studios market in the future
The art market is regulated by several economic factors that control supply and demand of galleries and other craftwork. The price is determined by the amount of work involved and monetary value in past and future market. Several factors are expected to influence future market of artwork among the market size, timing and transparency.
Market size is expected to influence the future market of arts. The demand of the market is influenced by demand from museums, private collectors and large corporate organization. The number of individuals in these areas willing to buy work will determine the fate of the market. In addition, artwork is not fungible like other stocks and their valuation is determined by enthusiasm and advice. This aspect dictates the size of the market and sometimes risk such as loss of value (Harris, p.64).
Market timing will also influence the future market immensely. Art market follows a cycle where demand is high during autumn and spring. The seasonality of the market has been the key challenge for some time and is expected to keep affecting the future demand and supply. In addition, this volatility is sometimes influenced by the financial crisis. For instance, the 2008 crisis led to a loss of sales of Phillips de Pury & Company, Sotheby's, and Christie's dropped to $803.3 million from $1.7 billion in the former year (Futia, p.143).
Market Transparency has also emerged to be a key influence of the art market. Following the economic crisis in 2008, the valuation system of the art market: Byzantine, was criticized for unethical practices. The unethical complains has hit the current market and is expected to be a key market influence in the future.
Secondary and primary market are expected to influence the future too. Primary market is influenced by valuation of artwork, which in turn affect the secondary market. Demand is also influenced by supply and demand. The market of artwork in the primary market is regulated by speculative means.
Following the wide recognition of artwork in the modern market, many investors have turned their attention to this scope. However, they are faced with marketing problem with this field having tricky factors that are making the market to wobble. However, many have resolved to use conventional marketing strategies. They seek to use social media, celebrities and more so, target the youthful market. The three spheres have been the attention of I Fell Gallery to promote its sales.
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