Markets

Hi guys,

I've been thinking about the 'Market' section of the brief and have written up a few ideas. Let me know what you think. Great response from Claire Warwick by the way!

• What will the market be?

The target audience of the portal will primarily be un-established artists, possibly students, who wish to publicise and sell their work. It is probable that the facility for budding artists to display their work will be used predominantly, though not exclusively, by a relatively young crowd. According to research by Ofcom, 16-24 year olds spend more time online; young adults who use the internet do so for 21 more minutes per week than the UK average and at least 70% of them have used websites for keeping up contacts (against 41% of all adults).

However, as the website will publish listings and details of upcoming exhibitions, events and competitions, it has the potential to attract any member of the public with an interest in the visual arts, be it fashion, design, applied arts or performing arts.

From a commercial viewpoint, the portal will appeal to a variety of consumers who wish to purchase “fresh” and inexpensive pieces of artwork for a variety of purposes. This might range from professional art buyers, who are employed by individuals or institutions, to members of the general public who are interested in acquiring a new and interesting piece for their home. The latter segment of the market may be particularly attracted by the website’s facility for interactivity between the artist and the public. Work will be judged by means of user-reviews, thereby providing advice and guidance to the inexperienced art buyer.

The portal may also be used as a talent pool, which will be a focus for potential employers and institutions in the art industry. The website’s capability for providing feedback from fellow artists and the public will be particularly useful in serving this function.

• Will it be bought by individuals or institutions?

A number of possibilities present themselves when considering the party who might be interested in buying the website in question. As with “Stuart”, a website for students run by the Saatchi Gallery, the portal may well appeal to leading art institutions who wish to affiliate themselves with fresh new talent. In addition, art universities and colleges may wish to invest in such a venture in order to assist the careers of their students and therefore raise the profile of the establishment. However, there also exists a distinct possibility that the idea will be favoured by an individual who recognises the business potential of combining a social/business network for the art world.

• Can you estimate how large this market might be?

The potential market for the artist portal is immense. An idea of its size can be reached by calculating the number of past and present art students, art buyers and companies who are interested in employing artists. Then include any members of the general public who are interested in art, either in terms of buying or accessing listings of exhibitions, or both.