US Fine Art Logistics Market Size and Forecasts (2020-2030)
US Fine Art Logistics Market Size and Forecasts (2020 – 2030), Regional Share, Trends, and Growth Opportunity Analysis By Type (Transportation, Packaging, Storage, Import Clearance, and Others) and End User (Art Dealers and Galleries, Auction Houses, Museum, and Art Fair)
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Description
Increasing Number of Art Exhibitions and Fairs is Driving the fine art logistics market
Art fairs attract artists, collectors, curators, and enthusiasts worldwide. It significantly increases fine art logistics market activity, with more artworks being bought, sold, and exhibited. As the art market grows, the demand for fine art logistics services also increases to handle the transportation, installation, and storage of artworks. Art fairs often involve the transportation of artworks from various locations to the fair venue. Fine art logistics services specialize in handling art objects’ delicate and valuable nature, ensuring their safe transport and installation. With the growing establishment of art fairs, there is a greater need for professional logistics providers to handle these intricate tasks. In 2022, at Independent 2022, 91 art galleries were displayed their art pieces in the exhibition. The diverse range of works on display, including modern, contemporary, folk, and digital, reflects the many strands of art.
Additionally, in 2022, some of the major art piece exhibitions that occurred across the US in 2022 include:
• January 2022 – “Noah Davis” at the Underground Museum, Los Angeles
• January 2022 to June 2022 – “Charles Ray: Figure Ground” at the Metropolitan Museum of Art, New York
• February 2022 to May 2022 – “Ulysses Jenkins: Without Your Interpretation” at the Hammer Museum, Los Angeles
• February 2022 to June 2022 – “Faith Ringgold: American People” at the New Museum, New York
• February 2022 to May 2022 – “Supernatural America: The Paranormal in American Art” at the Minneapolis Institute of Art
• March 2022 to September 2022 – “Dakota Modern: The Art of Oscar Howe” at the National Museum of the American Indian, New York
• March 2022 to August 2022 – “Frédéric Bruly Bouabré: World Unbound” at the Museum of Modern Art, New York
• April 2022 to September 2022 – “Guo Pei: Couture Fantasy” at the Legion of Honor, San Francisco
This shows a rise in number of art pieces that have been pushing the demand for fine art logistics services across the country and have been driving the US fine art logistics market growth.
Storage services are essential in the fine art logistics market to preserve and protect artworks. Fine art is often fragile and valuable, requiring a controlled environment to prevent damage from temperature, humidity, light, and pests. Therefore, there is a growing requirement for fine art storage due to the rising demand for art among affluent collectors, museums, and galleries. The fine art logistics market participants provide specialized services tailored according to the customer’s needs and necessitate a high degree of skill and knowledge in handling priceless and delicate artwork storage facilities. In October 2022, UOVO, a provider of fine art and collections storage and services, expanded its storage facility by acquiring Art Forward company. Adding Art Forward will allow UOVO to serve as a vital hub for fine art collectors. The combination of UOVO and Art Forward has featured 35,000 square feet of climate-controlled storage and an in-house crate shop for the fine art collection.
FedEx Corp, Renovart LLC, Crozier Fine Arts Ltd, Aetna Fine Art, DHL, Iron Mountain, UPS, Masterpiece International, U.S. Art, and Legacy Transportation Services are among the key US fine art logistics market players profiled during the market study. Many companies are investing in fine art logistics owing to the potential improvements related to accuracy, operational efficiency, and timely order fulfillment of the logistics services. In addition, several other important the US fine art logistics market players operating in the ecosystem were studied and analyzed during this market research study to get a holistic overview of the market.
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According to our latest market study on “US Fine Art Logistics Market Forecast to 2030 – Country Analysis – by Type and End User ,” the market was valued at US$ 491.81 million in 2022, and it is expected to reach US$ 696.20 million by 2030; it is anticipated to register a CAGR of 4.4% from 2022 to 2030.
The expansion of the global art market is a major opportunity for fine art logistics market. As the global art market grows, there is a rising need for specialized companies that can transport, store, and insure these valuable works of art. In March 2023, according to the MCH Swiss Exhibition (Basel) Ltd annual survey, the global art trade generated US$ 67.8 billion in 2022. It is a 3% increase over the revenue generated (US$61.5 billion) in 2021. The US saw an 8% increase in the global art market, and in 2022 as compared to 2021 and the art market is reached at ~US$ 30.2 billion in 2022. With the expansion of the global art market, the demand for art storage space also increases. To fulfill this demand, fine art logistic companies can provide secure, climate control storage space for art as well as necessary insurance to protect the art from damage or loss. In August 2021, Acorn Mini Storage, a Minnesota-based self-storage operator, opened A2 Art Storage & Services—a museum-grade, air-conditioned facility specifically designed to safeguard precious fine art objects. Thus, the expansion of the global art market is expected to fuel the fine art logistics market growth in the coming years.
The logistics of fine arts are becoming increasingly complex and are developing into a holistic system. The rapid growth of the art market is compelling art delivery companies to adopt modern technologies, improve value-added service standards, and provide the best customer experience. The security and safety of fine art is a major priority for art owners and collectors. As a result, logistic companies have a growing focus on providing secure and safe transportation and storage solutions for fine art. The artworks are inventoried using barcode labels. Inventory levels and container contents are tracked via mobile devices with the help of the barcode scanner. In June 2021, Masterpiece International introduced ArtWise, a secure platform that incorporates Masterpiece’s database to provide data security and real-time visibility to customers. It offers clients a shared project management platform with accurate, continuous monitoring backed by analysis and presented on a dynamic dashboard.
In the past few years, there has been a low availability of materials that could be used to protect the integrity of a cargo of art. Over the years, technological advancements have made it feasible for next-generation art packaging. Recently, many fine art logistic services businesses, such as ArtMoves, Fine art Shippers, and Worldwide Art Services, have employed a wide range of common and specialized materials. For example, bioplastic packaging materials are widely used over traditional plastic ones.
A few of the major fine art logistics market players operating in the US fine art logistics market are FedEx Corp, Renovart LLC, Crozier Fine Arts Ltd, Aetna Fine Art, DHL, Iron Mountain, UPS, Masterpiece International, U.S. Art, and Legacy Transportation Services. Many companies are investing in the US fine art logistics market owing to the potential improvements related to accuracy, operational efficiency, and timely order fulfillment of the fine art logistics.
o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the US fine art logistics market.
o Highlights key business priorities in order to assist companies to realign their business strategies
o The key findings and recommendations highlight crucial progressive industry trends in the US fine art logistics market, thereby allowing players across the value chain to develop effective long-term strategies
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
o Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
TABLE OF CONTENTS
1. Introduction 6
1.1 The Research Team Report Guidance. 6
1.2 Market Segmentation. 7
2. Executive Summary 9
2.1 Key Insights. 9
2.2 Market Attractiveness, By Type
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Fine Art Logistics Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
5. Fine Art Logistics Market – Key Industry Dynamics
5.1 Fine Art Logistics Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Growing Number of Fine Art Collectors
5.2.2 Increasing Number of Art Exhibitions and Fairs
5.3 Market Restraints
5.3.1 Strict Rules and Regulations on Transportation of Fine Art
5.4 Market Opportunities
5.4.1 Expansion of the Global Art Market
5.5 Future Trends
5.5.1 Technological Advancements in Fine Art Logistics
5.6 Impact of Drivers and Restraints:
6. Fine Art Logistics Market – US Market Analysis
6.1 US Fine Art Logistics Market Revenue (US$ Million), 2022 – 2030
6.2 Fine Art Logistics Market Forecast and Analysis
7. Appendix
7.1 About Research Team
LIST OF TABLES
Table 1. Fine Art Logistics Market Segmentation. 7
Table 2. US Fine Art Logistics Market Revenue and Forecasts To 2030 (US$ Million)
LIST OF FIGURES
Figure 1. Fine Art Logistics Market Region. 8
Figure 2. PEST Analysis
Figure 3. Ecosystem: Fine Art Logistics Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Fine Art Logistics Market Breakdown by Geography, 2022 and 2030 (US$ Mn)
Figure 6. Fine Art Logistics Market Revenue (US$ Million), 2022 – 2030
The List of Companies – US Fine Art Logistics Market
o FedEx Corp
o Renovart USA LLC
o Crozier Fine Arts Ltd
o Aetna Fine Art Logistics Inc
o Deutsche Post AG
o United Parcel Service Inc
o U.S. Art Company Inc
o Brink’s Inc
o Magnate Worldwide Ltd LLC
o Legacy Transportation Services Inc
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