Market Trend Analysis For Art Gallery Research Paper

Market Trend Analysis For Art Gallery - Research Paper Example Market trends reports show that there is a growing demand for Chinese art pieces and the million dollar auction graph for 2010 reflects 401in the US to 491 in China. Thus in keeping with the trend of buyer demand for works from artisans from China, the gallery should plan for a theme exhibition which would showcase local and foreign talent. The media mix should include advertising and promotion by newspapers, the internet and local radio shows. The art industry is forecasted to continue to revive in the coming years with more focus on private sales and smaller auctions. The use of vertical co-operative advertising would help in keeping the advertising budget at minimum. The use promotional sales by giving loyalty discounts to repeat customers, awarding bonus points for referrals, help in getting patronage and increase the volume of footfalls into the gallery. The gallery should also retain the local focus by showcasing one local talent in the week which proves germane to pulling in s upporters and providing deeper market reach.The prime competitors would be the multitudes of galleries with established clientele which abound the area around Dragon street and thus there has to consistent effort to develop and maintain a loyal customer base. The Cameron Gallery, HCG gallery and others which grace the design district of Dallas are competitors for our gallery and the primary mode of competition is divertive in nature and thus the gallery needs to focus on its USP and build a niche for itself in the competition.