A global pandemic is perhaps not conducive to art sales. Indeed, the art industry, supported by international art collectors supports an estimated $60 billion industry, employing over three million people in 310,00 businesses, is struggling to say the least.
The postponement and eventual cancellation of a range of fairs and auctions from Christie’s to the Art Basel have seen sales plummet, while commercial galleries desperately attempt to do business utilising virtual rooms. The industry has seen a sharp decline in revenue and is considering a sharp increase in job cuts as a result of this.
The art industry, in spite of being renowned for moving boundaries, has, according to The New York Times, been slow to adapt to the digital era. The importance of authenticity is key to sales, and for those who no longer find themselves able to view pieces in person, a photograph is no sufficient. Spending millions on a piece one has never seen requires absolute faith in the retailer and the artist alike.
Yet the industry has noted a change in the consumption patterns of their customers. Younger collectors are entering into the ring, albeit spending less than their predecessors.
According to The New York Times: “more experienced collectors, conscious of possible condition and provenance issues, remain wary — and it is their spending that makes the art world go around.”
According to Saloni Doshi, a Mumbai based collector: “The art trade will be fully online for the foreseeable future. And that’s not necessarily a bad thing.”
While some galleries have been able to reopen, others remain firmly shut. For the foreseeable, it seems that virtual sales may be all that is on offer, and perhaps even indicate the future of the art world.
