A report to be published in October, titled New Opportunities in the Finnish Art Market and Art Investment, examines the current state and development of the visual arts market. The report provides an overview of the international art market while highlighting the structural, economic, and cultural characteristics of the Finnish art market. The report is commissioned by Frame Contemporary Art Finland and conducted by Futuarts Ltd, a company specializing in the art sector.
The report is published in Finnish, with an English summary.
The report is based on international art market analyses, Finnish visual arts statistics and studies, and interviews with Finnish art collectors, investors, and gallery owners. The results reflect both global and local trends: structural change in the art market, expanding revenue models, the growing role of digital sales, and diversification of collector and audience relationships.
The report identifies structural obstacles, but above all, opportunities for the domestic art market to grow and for Finnish art to strengthen its position internationally. The report identifies challenges in the domestic market, including stagnation, a weak secondary market, a lack of international visibility and support, a limited customer base, and slow renewal of the collector community. However, the local art market offers a lot of untapped potential and opportunities for growth: Finland has high-quality art education, high-quality production, and cultural capital.
The report proposes a number of ways to strengthen the art market, including the development of new business models and digital services, cooperation between the public and private sectors, and financial instruments to support the international activities and sales of galleries. The report also examines the art market and art acquisition from the perspective of art collecting and investing. Particular attention is paid to renewing the collector community and inspiring young people to become interested in the field.
“Developing art sales and renewing business models is not just an economic issue, but also affects the sustainability and vitality of the entire visual arts ecosystem and, more broadly, its position in society. Strengthening the art market creates new revenue opportunities, increases the audience base, and supports the long-term career development of artists, which in turn strengthens the position of Finnish contemporary art both domestically and internationally,” says Aura Seikkula from Futuarts.
The study is linked to Frame Contemporary Art Finland’s role as a member of the Creative Economy Advisory Board (2024–2030). It strategically supports the internationalization and cultural export of Finnish visual arts in line with the new Creative Economy Growth Strategy 2025–2030. The report serves as a basis for further discussion, policy recommendations, and pilot projects aimed at strengthening the vitality of the Finnish art market.
The English Summary can be found at the end of the Report document:
Makasiini Contemporary’s booth at Untitled Art Miami Beach art fair in Florida, United States 2024. Photo: Makasiini Contemporary