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Coronavirus and the Art Market: Implications for Collectors and Buyers
In normal circumstances, collectors would be flying the world visiting one art fair after the other. But due to the gathering and travel restrictions, fairs were canceled or moved online, and collectors are forced to buy art from their homes. The virus accelerated the art world’s digital transformation, but its overall results were mixed, to say the least.
While some art fairs such as Frieze New York and Art Basel Hong Kong saw some six and seven-figure sales, other players on the art market were not as successful. Online auctions for example, experienced a 76% drop compared to last year’s results and galleries in the U.S. are expecting a 73% decline in revenue. The researches have shown that sales volume collapsed, and average prices plummeted, while art owners hold on to their best pieces awaiting better times.
But not all artworks are affected equally.
Celebrated Artists’ Works
Faced with the lack of opportunity to see art in a physical environment, many art collectors have focused on buying artworks familiar to them. Some collectors purchased works they’ve…
