Expansion of Global Art Market is Driving the US Fine Art Logistics Market Growth
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$ 7,377.04 million in 2022, and it is expected to reach US$ 11,518.65 million by 2030; it is anticipated to register a CAGR of 5.7% 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.
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)
US Fine Art Logistics Market to Grow at a CAGR of 4.4% to reach US$ 696.20 million from 2022 to 2030
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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.
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