Young Artists Rode a $712 Million Boom. Then Came the Bust.

In recent years, young artists have been riding high on a wave of success, with the art market booming to unprecedented levels. However, this boom has come crashing down in recent months, leaving many artists struggling to make ends meet.

According to a recent report by Art Basel and UBS, the global art market was valued at a staggering $712 billion in 2019, with young artists experiencing a surge in demand for their work. This surge was driven in part by the rise of social media, which allowed artists to showcase their work to a global audience and connect with collectors and galleries in ways that were previously impossible.

For many young artists, this boom represented a once-in-a-lifetime opportunity to make a name for themselves in the art world and secure their financial futures. However, the sudden onset of the COVID-19 pandemic in early 2020 brought this booming market to an abrupt halt.

As galleries and art fairs around the world were forced to close their doors, many artists found themselves suddenly without a source of income. With exhibitions canceled and sales drying up, some artists were left struggling to pay their rent and bills.

In response to this crisis, many artists turned to online platforms to sell their work and connect with collectors. While some were able to adapt to this new reality and continue to make a living from their art, others were not so fortunate.

As the art market continues to grapple with the effects of the pandemic, young artists are facing an uncertain future. While some may be able to weather the storm and emerge stronger on the other side, others may be forced to abandon their dreams of making a living from their art.

In this uncertain time, it is more important than ever to support young artists and the arts community as a whole. By purchasing artwork, attending online exhibitions, and supporting local galleries, we can help ensure that young artists have the opportunity to thrive and continue creating the work that enriches our lives.

While the bust may have come for young artists, there is hope that the art market will eventually recover and provide them with the opportunities they need to succeed. In the meantime, it is crucial that we come together as a community to support and uplift those who are struggling in these challenging times.