Collecting and Accessibility: Prints & Editions

The panellists collectively agreed that the prints and editions market had been experiencing substantial growth, particularly in the years following the pandemic. One of the driving factors mentioned was the shift to online platforms, which broadened the accessibility and appeal of prints, making it easier for collectors to engage with the market digitally.

David highlighted the post-pandemic shift to online sales as a major growth driver: “The pandemic, I think, forced all of us—auction houses, galleries—to have to pivot more online. And in fact, that's benefited the print market hugely.”

He noted that improved digital infrastructure has made online buying more efficient and transparent, which has attracted a new wave of collectors who are comfortable making purchases remotely.

Connor Williams emphasised how prints are particularly well-suited to online transactions due to their editioned nature: “Because they're editioned, people can tell pretty immediately what a general valuation is at that time for a print.”

This transparency and consistency in valuation reassures buyers, especially when comparing prices or condition across multiple platforms, unlike the more unpredictable contemporary art market.

Another key insight from the discussion was the concept of familiarity and comfort with blue-chip prints, as explained by Charlotte, “Once you've seen one Marilyn [Warhol print], you know what it looks like... It’s a lot easier to know what you're buying.”

This reduced the need for in-person viewings, further encouraging online sales, particularly for iconic works like those by Warhol or Hockney.

The print market is seen as stable and increasingly popular, benefiting from advancements in technology and an ever-expanding online collector base. The unique nature of prints—standardised, often editioned, and familiar—makes them ideal for this growing digital marketplace.

The panellists agreed that the prints and editions market is attracting a significant number of younger buyers. Many emphasised how online platforms and social media have played a pivotal role in driving this growth, creating new opportunities for artists and collectors alike.

Thomas Murphy from Make Ready noted the impressive growth in their young collector base, with 40% of their collectors being under 40. He attributed this success to digital engagement, particularly social media, sharing how Make Ready began in a garage and how its rapid growth was supported by platforms like Instagram:

“Make Ready started in a garage. Avant Art started as an Instagram account. It is totally new. It's such a new way of buying.”

This shift to online marketplaces has enabled younger, tech-savvy collectors to enter the market more easily, breaking traditional barriers to entry.

He further discussed the importance of the online buying experience, highlighting the need for high-quality photography and detailed digital presentations to replicate the visceral reaction one might have when seeing art in person:

“We put so much emphasis on the online experience. I work closely with the photographer to capture what excites me about the work.”

This attention to detail has helped make the process of buying emerging or unfamiliar artists’ work more accessible and engaging for buyers.

Charlotte Stewart from MyArtBroker emphasised the affordability of prints compared to other types of artworks, making it easier for younger collectors to start investing.

Connor Williams, of Artnet, noted that despite a slight downturn in the last two years, the market remained in a healthy state. Global sales of prints in 2022 and 2023 reached half a billion dollars, which, while lower than the pandemic-fueled boom of 2021, was still significantly higher than pre-pandemic levels and the market performance in 2014 and 2015.

Williams emphasised the stability of the prints market, even during challenging times, and pointed out its long-term growth trajectory:

“Even those numbers, which globally were half a billion dollars [in] 2022, 2023, are still much higher than 2014 and up until the year before the pandemic.”

The conversation highlighted that although the unprecedented boom during the pandemic had somewhat softened, the prints market remained robust and continued to show a steady upward trend over the longer term. The overall outlook reflected the panel’s earlier discussions on how prints are increasingly appealing to both new and established collectors.

The host’s next question revolved around the changing dynamics of the prints market, focusing on the emergence of new publishers like Avant Art and Heni, and their innovative use of the “drop” model (borrowed from the NFT space).

Robert Kennan of Phillips, explained how drops, particularly limited edition and sometimes unique works, allowed the auction house to engage with a “new, younger demographic”. This strategy taps into the growing trend of e-commerce in the art market. Artists that have participated in their drops have seen sellouts, reflecting the model's success.

The conversation then turned to Tom Murphy, who expanded on the concept of time-limited edition drops, where the price is set, but the final edition size depends on sales within a specific time frame. This model has worked well for artists like Anish Kapoor and Mickalene Thomas, highlighting the fact that despite large runs, the quality of the prints remains high, akin to hand-coloured etchings or other commissioned works.

Murphy also mentioned that while these editions are highly successful, they can present logistical challenges in printmaking. On the question of how large edition sizes could get, Murphy pointed out that artists like Jeff Koons have produced editions in the thousands.

The discussion turned to the implications of large editions on the secondary market, with concerns raised about the potential difficulty in reselling these works at auction if the value is too low.

Charlotte of MyArtBroker reflected on how auction data only accounts for a small fraction of the market, but businesses like hers thrive because of the new ways of buying and selling prints in today's market. However she did share her concern for the impact on the artist and further works markets when prints are released in these kinds of ways.

“I do find it quite scary, the amount of production that's coming out of some of the publishers.

When it comes to talking about scarcity, which is really what you're talking about when we talk about edition numbers, and thinking about the American Pop market, the interest and the demand has actually grown because there is no more production.”

The next question inquired about the balance between online and live auctions in the secondary market and why traditional evening and day sales continue to be important despite the rise of online buying. It also asked to explore how online platforms deal with issues like condition, provenance, and authenticity of artworks.

Robert explained that despite the growth of online sales - where nearly “70% of buyers now purchase online” - the live auctions continue to play a significant role. These events attract a diverse audience and create a spectacle that “collectors want to experience in person”, especially for major auctions like their **upcoming Hockney sale**.

David Cleaton-Roberts emphasised that while “online platforms are essential”, the experience of seeing a piece of art in person remains crucial. He claimed that certain artworks, especially prints, do not translate as well online, and the tactile experience is important for many buyers. For his business, a combination of bricks-and-mortar galleries and online platforms is key.

Charlotte Stewart explained that the MyArtBroker platform operates almost entirely online but integrates personal relationships with clients through specialist consultations. She acknowledged the challenges of peer-to-peer buying online, especially when considering the issues of condition, provenance, and fakes. However, she also emphasised that the clients can of course arrange to “see the artwork”.

When asked about how these platforms verify the authenticity of artworks without seeing them in person, Tom Murphy explained that they rely on a combination of “visual memory, price databases, publisher records, and specialist teams”. However, Kennan stressed that for older works, physical inspection remains critical to assess condition, potential damage, or authenticity concerns that may not be visible in photographs.

“Nearly 70 percent of our buyers are now buying online...but there’s a significant proportion of people that want to attend the sales.” - Robert Kennan

“I don’t think you can take away from the experience of seeing a work of art, a print, in the flesh.” - David Cleaton-Roberts

“We’re an online platform, but when you get to purchase or consign, you speak to a specialist...peer-to-peer [buying] is a huge challenge in this marketplace”. - Charlotte Stewart

“There’s so many things that can go wrong with works on paper—colours faded, trimmed, stuck down, what have you...you have to see them in the flesh.” - Robert Kennan

The next question posed was about the valuation process at MyArtBroker, specifically the use of an algorithm (Singularity X) to determine artwork values, and whether other auction houses, such as Phillips, would embrace similar technology.

The Singularity X algorithm used by MyArtBroker integrates 15 years of private sales and auction data to provide more accurate valuations for prints and multiples. By analysing over 40 different factors that affect value, such as condition, unsold rates, and broader market trends, the platform offers more than just the typical reliance on recent sales data from major auction houses. This method aims to increase transparency and accessibility for collectors who may not have direct access to experts.

Robert expressed interest in the technology and noted that Phillips has invested in tech innovations, like its Articker, which tracks media mentions of artists. However, he also emphasised that clients with direct access to specialists like himself might not need such tools, but for broader accessibility, this kind of data-driven valuation could be useful.

“We looked at auction houses globally that represented prints and multiples... and decided we needed to harvest all that data to create something better than just looking at the last sale.” - Charlotte Stewart

The question addressed the tension between viewing prints as works of art versus as investments and how the panellists approach this balance.

The discussion revealed differing perspectives on whether prints should be seen primarily as art or as investment assets. David emphasised that, for his business, prints are sold as “works of art” with any potential investment returns considered a bonus. Thomas and others echoed the sentiment that buyers should purchase art because they love it, although the reality of financial concerns is always present, especially when larger sums of money are involved.

Charlotte likened buying art to purchasing a home: while the emotional connection is crucial, buyers should still be informed about any factors that affect value, such as market trends or possible depreciation. She highlighted the prevalence of investment galleries and noted the data-driven nature of the art market, which shares similarities with other luxury markets like wine and watches.

The panellists agreed, acknowledging the role specialists play in guiding collectors toward informed financial decisions while maintaining the primary focus on the art's aesthetic value.

“We never sell art as an investment... If it turns out to be a good investment, great, that's a bonus, but we would never sell anything as an investment.” - David Cleaton-Roberts

“I think the investment conversation has become really prevalent, and I think it's taken away something from the idea of connoisseurship and actually looking at something, really appreciating it.” - Thomas Murphy

“It's very similar in terms of the metrics... Like buying a home, you want to be informed about what you're getting into, but it shouldn’t be your primary concern.” - Charlotte Stewart

The final question for the panel was asking for advice for young collectors who are considering entering the world of art collecting, particularly in the print market.

Ask Questions: New collectors should be proactive in seeking information and clarifying any doubts about prints and their value. This includes questioning the reliability of sources and understanding different aspects of printmaking.

“I would ask lots of questions... The people you're buying from should be really knowledgeable in their field. So ask lots of questions and make sure you get the right answers.” - David Cleaton-Roberts

Engage with the Art Community: Collectors should feel comfortable reaching out to printmakers, galleries, and auction houses. Many experts are open to discussing their work and providing insights.

“If you want to know about these prints, go talk to them... Sometimes it can be a bit of a no man's land, like these ferreted away places that you can't have access to.” - Thomas Murphy

“Speak to significant print collectors… Get different perspectives.” - Conner Williams

Explore Various Art Venues: It's important to visit different establishments and art fairs to get a comprehensive view of the market. This helps in understanding the diversity of artworks and the range of prices.

“Don’t be scared of walking into, you know, an establishment like Phillips... The print world is a very collegial, supportive world.” - Robert Kennan

Be Open to Changing Preferences: Collecting art is often a journey, and tastes may evolve over time. It's normal for collectors to start with one type of art and later develop an interest in different styles or periods.

“Once you’ve fallen in love with something, go to fairs, go to all sorts of different fairs and look at artwork... Expect your collecting journey to change”. - Charlotte Stewart