New IP Trends in Cultural and Arts Industries
New IP Trends in Cultural and Arts Industries

IP protection plays a vital role in supporting a thriving creative economy and boosting the growth of global art market. The "Arts Global Market Report 2021: COVID-19 Impact and Recovery to 2030" forecasts global arts market to grow from US$347.53 billion in 2020 to US$405.05 billion in 2021 at a compound annual growth rate of 16.6 percent. According to the art market research firm ArtTactic, auction sales are up 230 percent to a total of US$5.9 billion in 2021 at the three major auction houses – Christie's, Sotheby's and Phillips. In the digital era, infringement of IP in the creative industries is a challenge. How can IP rights protect creators and boost investment in cultural and arts industries? How can artists maximize IP value with the use of technology? How can artists utilize the medium of NFT to license their IP and create financial value for their works?

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