It’s the billion-dollar question everyone is sick of hearing but nobody has been able to answer: Will the wealthy young tech industry start pouring cash into art?
The art market hunts for new money like a wolf hunts sheep, and over the past decade, no fewer than 10 art fairs have launched in Silicon Valley, Seattle, and other tech enclaves in an effort to tap into the increasingly flush sector. Earlier this month, the third edition of the Seattle Art Fair drew 100 galleries to the city, the largest number of exhibitors to date. But are their efforts actually gaining traction?
artnet News surveyed almost a dozen West Coast dealers, collectors, advisors, and museum professionals (as well as East Coast dealers who participated in the recent Seattle fair) and the conclusion is clear: The market has not yet fully arrived, but the irrepressible art industry is not giving up.