With the proliferation of new technologies and platforms, there has never been a more exciting time to invest in emerging artists. In 2023, countless fresh talents are poised to take the art world by storm. As an investor, identifying these rising stars early and supporting their artistic journey can lead to outstanding returns. However, navigating the complex and speculative contemporary art market requires thoughtful strategies. By understanding the ecosystem, key trends, and critical factors for evaluating artists, investors can make informed decisions when seeking new talents to back. This article will provide essential guidance for investing in the most promising new artists of 2023.
Leverage social media and Web3 to find hidden gems
In the past, discovering unknown young artists often required extensive in-person gallery visits and art fair attendance. Today, platforms like Instagram and YouTube have demolished geographic barriers, enabling artists globally to showcase their works. Savvy investors should follow leading art schools, residencies, competitions, and hashtags to encounter fresh talents. Meanwhile, Web3 technologies like NFTs provide new avenues for artists to build audiences and sell works. Monitoring marketplaces like SuperRare and tracking generative art projects can uncover rising stars. Beyond just viewing art online, collectors should still try to experience works in person and learn about the artist’s vision when possible.
Back artists with original perspectives and influences
With endless online inspiration and movements, standing out as an artist is increasingly difficult. When evaluating new talents, astute investors should look for truly novel perspectives, techniques, and influences that capture the cultural zeitgeist. For example, artists innovating through AI-generated works or creating commentary on issues like climate change through their art. Supporting those exhibiting fresh ideas and connecting with the world today can lead to appreciation in value and cultural significance.
Focus on consistency and work ethic, not just innate talent
Emerging artists, however gifted, often struggle with consistency and output needed to succeed long-term. Passion and persistence tend to indicate talents more likely to realize their potential. Examining an artist’s commitment to creating and exhibiting new work regularly, engaging with partners, and expanding their practice provides key insights. Those dedicating themselves fully to art as a career show promise worth investing in. Innate skill alone does not guarantee an artist will put in the hard work required to grow.
Help artists professionally through networks and mentors
Beyond just financial support, savvy investors can substantially help rising artists by connecting them to crucial networks, resources and mentors. Introducing talents to established galleries, art fairs, residencies, and critics provides validation and platforms for growth. Pairing emerging artists with mentors successful in their medium generates valuable guidance. Offering professional development opportunities and making introductions demonstrates a commitment beyond profit, helping artists succeed.
Take a portfolio approach to balance risk and reward
Given the unpredictability of the art world, concentrating investment in just one or two emerging artists is risky. Astute collectors mitigate risk by building a portfolio of promising talents across different mediums, styles, and career stages. While only a small percentage may become art stars, early support can still generate financial and cultural rewards. Taking smaller positions in multiple artists also allows for doubling down on standouts while capping exposure to underperformers.
In the exciting and uncertain sphere of emerging artists, substantial gains come from identifying talent early and adding value beyond capital. By scouting broadly, evaluating originality and drive, providing professional aid, and diversifying, investors can successfully back the rising stars of 2023 while mitigating risk.