Some research has found that the art market isn't correlated to the equity markets, but there's a caveat to that.
Great insights - looking forward to understanding more about the (ultra) contemporary art market - personally, I think the hike in electricity bills is going to kill the demand for permanently-on looping video installations in people's houses ;-)
Thanks Jonathan! That's a very good point about rising electricity bills. Every NFT transaction on the Ethereum blockchain also uses a lot of energy. According to this article, Ethereum currently uses more energy than the Netherlands: https://www.sciencefocus.com/future-technology/can-nfts-solve-their-massive-carbon-footprint-problem/
Great insights - looking forward to understanding more about the (ultra) contemporary art market - personally, I think the hike in electricity bills is going to kill the demand for permanently-on looping video installations in people's houses ;-)
Thanks Jonathan! That's a very good point about rising electricity bills. Every NFT transaction on the Ethereum blockchain also uses a lot of energy. According to this article, Ethereum currently uses more energy than the Netherlands: https://www.sciencefocus.com/future-technology/can-nfts-solve-their-massive-carbon-footprint-problem/