Saturday, 24 March 2018

What does the future hold for art galleries as artists can now leverage on social media to reach and engage directly with potential customers? More importantly, will auction houses meet the same fate as these art galleries?

Creating art, once regarded as an economically challenging profession, is now a sustainable career choice thanks to social media, according to Malaysian artist Red Hong Yi.
Budding and professional artists can now represent, market and brand themselves on Facebook, Instagram and Alphabet's YouTube instead of relying on agents and physical gallery spaces, Hong told CNBC on the sidelines of Credit Suisse's annual Asian Investment Conference.
In recent years, Hong has gained fame for creating portraits of well-known personalities such as Yao Ming and Jackie Chan using everyday objects — think teabags, food and chopsticks.
In the past, artists fought for exhibition space and profits as galleries typically kept 50 percent of sales from a purchase, she said. It was "a lot more difficult" to survive on art back then, she continued.
Now, artists can reach broader audiences and engage with potential customers directly on social media channels, she said, pointing to famous artists Takashi Murakami and Damien Hirst as examples.

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