Instagram’s Growing Role in the Art Market

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“Nachlass” by Jean-Pierre Roy, which sold to Leonardo DiCaprio // Courtesy of Jean-Pierre Roy/Gallery Poulsen

Instagram is expanding beyond selfies and funny videos and moving into the world of fine art.

The New York Times reported that Instagram is taking on a growing role in the art market, citing an incident from April as proof. Actor Pierce Brosnan visited the showroom of Phillips auction house in London and snapped a selfie in front of a work he admired: the “Lockheed Lounge,” a space-age aluminum chaise longue by the industrial designer Marc Newson. Then he added the words “let the bidding commence,” and posted it to his 164,000 Instagram followers.

Later that week, Phillips broke the world auction record for a design object, selling “Lockheed Lounge” for £2.4 million, or about $3.7 million.

In the past few years, Instagram has emerged as the social media platform of choice for many contemporary artists, galleries, auction houses and collectors, who use it to promote art and to offer an early peek into studios, auction houses, and art fairs, the Times reports. How much that actually translates into sales like the “Lockheed Lounge,” however, is still up for debate.

Read more about this growing trend at The New York Times

 

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