上期回顾：
2025年全球艺术市场呈现一个核心特征：在结构性调整中完成 “再平衡” 。市场正从由单一顶端价格驱动的旧范式，转向一个更多极化、更具韧性的新生态。消费主力不只在追逐千万美元以上的“顶级资产”，而是部分转向了百万美元以下的“可及板块”。
在顶级拍卖行与顶级孤品创下纪录的同时，中小型画廊正在经历承压，面临倒闭潮。这预示着行业集中度将进一步提升，资源向头部加速整合......
第一章就财富与全球艺术市场总结了3个策略导向：1）关注中等价位的新兴艺术家；2）聚焦流通性强的经典蓝筹作品；3）顺应结构性变化，参与新兴市场与模式。
第二章总结了6大艺术市场发展趋势，并指出在市场结构性转变当下，将需要能够提供超越金融的整合性价值管理的服务，和藏家形成长期的合作关系。
Previous:
The defining characteristic of the 2025 global art market is "structural rebalancing." The market is transitioning from an old paradigm driven solely by top-tier prices to a new, more multipolar and resilient ecosystem. The market's dominant investment is shifting from chasing "Trophy Assets" above $10 million to "Accessible Segments" below $1 million.
While top auction houses and trophy works set records, small and mid-sized galleries face widespread pressure and a wave of closures. This foreshadows increased industry concentration and accelerated consolidation of resources towards the top...
The first chapter concluded the following three key strategies: 1) Focus on mid-priced emerging artists; 2) Prioritise asset liquidity and historical stature; 3) Align with structural changes and engage with emerging markets and models.
The report summarised six major trends in the art wealth management market. Furthermore, indicated that under the structural market transformation, the integrated value management service is emerging, which requires art management to form sustainable long-term relationships with collectors.
本期艺术商业市场主题推文的观点，主要依托于德勤于2025年第四季度发布的第九版《艺术与金融报告》以及巴塞尔艺术展所提出的2026年值得关注的市场趋势。同时，亦综合参考了巴塞尔艺术展、ArtTactic、Altrata、瑞银、波士顿咨询、凯捷等艺术、咨询及私人银行机构在2023至2025年间发布的，关于艺术市场、奢侈品市场、腕表与珠宝市场等相关研究报告。
The key viewpoints in this thematic article on the art business market are primarily based on the ninth edition of the 《Art & Finance Report 2025》 released by Deloitte and notable 2026 market trends highlighted by Art Basel. The analysis also references relevant research reports on the art market, luxury market, watch and jewellery market, etc., published between 2023 and 2025 by institutions such as Art Basel, ArtTactic, Altrata, UBS, BCG, Capgemini and more...
Chapter Three
当前艺术投资市场正在经历一场空前的转变。艺术品作为高回报金融资产的单一叙事已被打破，其价值正被分解并重新定义为三大核心属性：防御性资产、情感与身份载体、需专业管理的特殊配置。这一转变的核心驱动力是艺术品的长期财务表现与主流金融市场日益扩大的差距，以及新一代收藏家价值观的根本性演变。
报告明确指出：“财务回报不再是购藏艺术品的主要驱动力，且其影响力持续减弱。” 取而代之的是情感共鸣与社会价值，后者相关投资产品兴趣度从24%升至32%。
The art investment market is undergoing a profound paradigm shift. The singular narrative of art as a high-return financial asset has been broken. Its value is being disaggregated and redefined into three core attributes: a defensive asset, a vehicle for emotion and identity, and a specialised allocation requiring professional management. This shift is primarily driven by the widening gap between art's long-term financial performance and mainstream financial markets, as well as a fundamental evolution in the values of a new generation of collectors.
The reportstates clearly: "Financial return is no longer the primary driver foracquiring art and continues to lose influence." It has been replacedby emotional resonance and social value, with interest in the latter'sinvestment products rising from 24% to 32%.
报告部分示例 Partial Report Sample
报告部分示例 Partial Report Sample
机构端（以家族办公室为代表）将艺术视为其家族治理与长期财富保全架构的一部分。他们的核心诉求是控制风险、确保合规、实现代际无缝传承，而非短期财务投机。因此，他们对结构复杂、流动性存疑的金融产品表现出显著的谨慎。
藏家群体，特别是新生代藏家，以家族办公室为代表拒绝在情感与财务、拥有与参与之间做二元选择。他们正在重构艺术品所有权的金融维度，将财务表现、个人目的与参与可及性整合为一种更全面的投资理念。对他们而言，艺术是一种兼具审美、情感、社会价值与长期资本增长潜力的复合型资产。
Family offices view art as part of their family governance and long-term wealth preservation framework. Their core demands are risk control, compliance assurance, and seamless intergenerational transfer, not short-term financial speculation. Consequently, they exhibit significant caution towards structurally complex financial products with questionable liquidity.
The next generation rejects binary choices between emotion and finance, ownership and participation. They are redefining the financial dimension of art ownership, integrating financial performance, personal purpose, and accessibility into a more holistic investment philosophy. For them, art is a compound asset class combining aesthetic, emotional, social value, and long-term capital growth potential.
Chapter Four
艺术科技领域已跨越早期的概念热忱期，正进入一个由 “务实应用”驱动具体价值创造的新阶段。行业共识依然稳固，但对技术的期待变得更为审慎和聚焦。技术采纳的路径出现显著分化：机构投资者（以家族办公室为代表）追求效率提升与风险管控的内部整合工具，而个人藏家（尤其是新生代）则青睐能深化体验、赋能决策的参与式解决方案。
The field of art technology has moved beyond the early phase of conceptual enthusiasm and entered a new stage where "pragmatic application" drives tangible value creation. While industry consensus remains solid, expectations for technology have become more measured and focused. The paths of technology adoption are significantly diverging: institutionalinvestors (represented by family offices) seek internal integration tools for efficiency gains and risk control, whereas individual collectors (especially the next generation) favour participatory solutions that deepen engagement and empower decision-making.
报告部分示例 Partial Report Sample
报告部分示例 Partial Report Sample
艺术科技的成功不再取决于单一的“突破性技术”，而在于能否针对截然不同的应用场景与价值主张，提供精准、可靠且用户友好的解决方案。理解并服务于这种分化，是未来相关产品与服务赢得市场的关键。
Final Conclusion: Success in art tech no longer hinges on a single "breakthrough technology," but on the ability to deliver precise, reliable, and user-friendly solutions for divergent application scenarios and value propositions. Understanding and serving this differentiation is key to winning in the future market.
报告部分示例 Partial Report Sample
案例分享
Aura区块链联盟是由LVMH、Prada、Cartier等顶级奢侈品集团创立的非营利组织，旨在为行业构建统一的开放区块链协议，以提升透明度与信任。目前，联盟已汇聚50多个品牌，保障了超5000万件奢侈品的链上数字身份。其核心功能包括：为产品创建防伪数字身份、简化所有权转移与转售、全供应链溯源、通过数字藏品进行Web3客户互动、助力企业社会责任，以及探索NFT与灵魂绑定代币在客户关系管理中的创新应用。
Case Sharing
The Aura Blockchain Consortium, a Swiss non-profit founded by luxury giants including LVMH, Prada, Cartier, OTB Group, and Mercedes-Benz, provides a unified, open-source blockchain protocol for the industry. Its mission is to enhance transparency, traceability, and trust across the luxury product lifecycle while improving customer experience.
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