How Covid-19 is Changing The Fine Art Market

Covid 19 & The Fine Art Market

Covid 19 & The Fine Art Market


While the international art market, like all consumer-facing industries, is being disrupted by the COVID-19 pandemic, it’s speeding up the transition to online galleries and art fairs. 


Numerous international art fairs have been postponed or cancelled. It’s going to be a while before art fairs, auction houses and galleries are reopened. With the disruption of the industry’s traditional business model, many galleries and art fairs are embracing online viewing rooms and Zoom gallery walkthroughs. 



While the international art market, like all consumer-facing industries, is being disrupted by the COVID-19 pandemic, it’s speeding up the transition to online galleries and art fairs. 


Numerous international art fairs have been postponed or cancelled. It’s going to be a while before art fairs, auction houses and galleries are reopened. With the disruption of the industry’s traditional business model, many galleries and art fairs are embracing online viewing rooms and Zoom gallery walkthroughs. 


How Covid-19 is Changing The Fine Art Market

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While the international art market, like all consumer-facing industries, is being disrupted by the COVID-19 pandemic, it’s speeding up the transition to online galleries and art fairs. 


Numerous international art fairs have been postponed or cancelled. It’s going to be a while before art fairs, auction houses and galleries are reopened. With the disruption of the industry’s traditional business model, many galleries and art fairs are embracing online viewing rooms and Zoom gallery walkthroughs. 

A virtual tour: the 360° view of the Uffizi's new Halls.

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THE ART WORLD HAS BEEN TRANSITIONING TO ONLINE PLATFORMS IN THE LAST DECADE.


Art Basel launched online viewing rooms, with prices and price ranges, for its exhibitors at the online Hong Kong fair in March. It drew more than 250 000 visitors, while last year’s fair welcomed 88 000 attendees. The galleries with the highest sales were not necessarily the largest. Instead, they promoted their collections via email newsletters and Instagram stories.

A virtual tour: the 360° view of the Uffizi's new Halls.

THE GALLERIES WITH THE HIGHEST SALES WERE NOT NECESSARILY THE LARGEST. 


THE GALLERIES WITH THE HIGHEST SALES WERE NOT NECESSARILY THE LARGEST.

Art Basel launched online viewing rooms, with prices and price ranges, for its exhibitors at the online Hong Kong fair in March. It drew more than 250 000 visitors, while last year’s fair welcomed 88 000 attendees. The galleries with the highest sales were not necessarily the largest. Instead, they promoted their collections via email newsletters and Instagram stories. 


MORE THAN A THIRD OF ART FAIR SALES WERE MADE ONLINE

Art Basel launched online viewing rooms, with prices and price ranges, for its exhibitors at the online Hong Kong fair in March. It drew more than 250 000 visitors, while last year’s fair welcomed 88 000 attendees. The galleries with the highest sales were not necessarily the largest. Instead, they promoted their collections via email newsletters and Instagram stories. 



MORE THAN A THIRD OF ART FAIR SALES WERE MADE ONLINE

Indeed, the art world has been transitioning to online platforms in the last decade.More than a third of 2019’s art fair sales were made online – 15% were made before fairs, 64% at fairs and 21% after, according to the Global Art Market 2020 report by Art Basel and UBS.


The report found that online art and antique sales were estimated at $5.9 billion in 2019, which is 9% of the $64.1 billion market value. These online sales have been important for smaller auction houses. Those with sales under $1 million made 23% of their sales online. This might be revolutionary for smaller and medium-sized galleries, in an industry that often favors big names.  


Indeed, the art world has been transitioning to online platforms in the last decade.More than a third of 2019’s art fair sales were made online – 15% were made before fairs, 64% at fairs and 21% after, according to the Global Art Market 2020 report by Art Basel and UBS


The report found that online art and antique sales were estimated at $5.9 billion in 2019, which is 9% of the $64.1 billion market value. These online sales have been important for smaller auction houses. Those with sales under $1 million made 23% of their sales online. This might be revolutionary for smaller and medium-sized galleries, in an industry that often favors big names.


MORE THAN A THIRD OF ART FAIR SALES WERE MADE ONLINE 


Indeed, the art world has been transitioning to online platforms in the last decade.  More than a third of 2019’s art fair sales were made online – 15% were made before fairs, 64% at fairs and 21% after, according to the Global Art Market 2020 report by Art Basel and UBS


The report found that online art and antique sales were estimated at $5.9 billion in 2019, which is 9% of the $64.1 billion market value. These online sales have been important for smaller auction houses. Those with sales under $1 million made 23% of their sales online. This might be revolutionary for smaller and medium-sized galleries, in an industry that often favors big names.

 

Photo by Christian Fregnan on Unsplash


GOING ONLINE HAS ALSO CREATED MORE TRANSPARENCY

Going online has also created more transparency by posting prices or price ranges. This is likely to attract more potential buyers. Artworks also become more searchable as collectors can filter collections by price range, artist or gallery. Online viewing rooms also offer context through explanatory essays and videos about the artist and their artwork.


A NEW TYPE OF ART COLLECTOR

The online space has also become the playing ground of a new type of art collector. Ninety-two percent of high-net worth millennial collectors bought fine art online last year. They also spent the most in online transactions, when compared to other age groups, according to the report. 


It might also provide insights into the effects the pandemic may have on similar industries, such as high fashion, given its similarities to the fine art market. Both rely on rare pieces that are custom-made and loyal collectors who travel the world to attend international shows, where pieces are sold at benchmark prices. The previous recession may also offer some teachings to the art world, which declined by 36% in 2009. It recovered slower than the high fashion and luxury goods markets. 


Photo by Brunel Johnson on Unsplash

Photo by Christian Fregnan on Unsplash


GOING ONLINE HAS ALSO CREATED MORE TRANSPARENCY

GOING ONLINE HAS ALSO CREATED MORE TRANSPARENCY

Going online has also created more transparency by posting prices or price ranges. This is likely to attract more potential buyers. Artworks also become more searchable as collectors can filter collections by price range, artist or gallery. Online viewing rooms also offer context through explanatory essays and videos about the artist and their artwork.


A NEW TYPE OF ART COLLECTOR 

The online space has also become the playing ground of a new type of art collector. Ninety-two percent of high-net worth millennial collectors bought fine art online last year. They also spent the most in online transactions, when compared to other age groups, according to the report. 


It might also provide insights into the effects the pandemic may have on similar industries, such as high fashion, given its similarities to the fine art market. Both rely on rare pieces that are custom-made and loyal collectors who travel the world to attend international shows, where pieces are sold at benchmark prices. The previous recession may also offer some teachings to the art world, which declined by 36% in 2009. It recovered slower than the high fashion and luxury goods markets. 

Going online has also created more transparency by posting prices or price ranges. This is likely to attract more potential buyers. Artworks also become more searchable as collectors can filter collections by price range, artist or gallery. Online viewing rooms also offer context through explanatory essays and videos about the artist and their artwork. 


A NEW TYPE OF ART COLLECTOR 

The online space has also become the playing ground of a new type of art collector. Ninety-two percent of high-net worth millennial collectors bought fine art online last year. They also spent the most in online transactions, when compared to other age groups, according to the report. 


It might also provide insights into the effects the pandemic may have on similar industries, such as high fashion, given its similarities to the fine art market. Both rely on rare pieces that are custom-made and loyal collectors who travel the world to attend international shows, where pieces are sold at benchmark prices. The previous recession may also offer some teachings to the art world, which declined by 36% in 2009. It recovered slower than the high fashion and luxury goods markets.

Photo by Brunel Johnson on Unsplash


THE NEXT FIVE YEARS MIGHT FIND MOST GALLERIES WITH ONLINE VIEWING ROOMS

THE NEXT FIVE YEARS MIGHT FIND MOST GALLERIES WITH ONLINE VIEWING ROOMS

Going online might secure the art industry in the long-term, as it cuts overhead costs and futureproofs the industry during a time when art collectors are asking for discounts of up to 50% on pre-virus art prices. The next five years might find most galleries with online viewing rooms on their websites that are extensively promoted through social media.

Going online might secure the art industry in the long-term, as it cuts overhead costs and futureproofs the industry during a time when art collectors are asking for discounts of up to 50% on pre-virus art prices. The next five years might find most galleries with online viewing rooms on their websites that are extensively promoted through social media.

THE NEXT FIVE YEARS MIGHT FIND MOST GALLERIES WITH ONLINE VIEWING ROOMS


Going online might secure the art industry in the long-term, as it cuts overhead costs and futureproofs the industry during a time when art collectors are asking for discounts of up to 50% on pre-virus art prices. The next five years might find most galleries with online viewing rooms on their websites that are extensively promoted through social media.



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