Art Markets without Art, Art without Objects

The art world was already experiencing a profound crisis before the COVID-19 pandemic, but the discourse until that point had largely focused more on the hopelessness of the situation, rather than the possibility for meaningful change. The massive market disruption caused by the virus outbreak created an immediate shift away from consumption of physical objects both into the digital realm of social media and virtual, participatory art experiences and beyond traditional gallery walls into outdoor art venues. A liquid consumption model has emerged in new models such as NFTs that function like unique objects for digital artworks. Successful strategies have become part of a paradigm shift in art consumption by prioritizing the non-ownership of non-canonical non-objects. Certain organizations’ methodologies, such as sculpture parks and public art, have been in practice for decades, but have come into focus during this time of change. This study seeks to reveal the surging growth of this new model through an analysis of the new valuation of non-objects over the last year especially, from liquid consumption and the surge of NFTs to experiential consumption and the value of space.