The COVID-19 pandemic became the reason for a sharp rise in online sales on the art market
The Arts Economics conducted a global survey among almost 800 galleries in 60 countries and regions to determine exactly in what way the pandemic has affected the art market in the first half of 2020.
|Foto: The Arts Economics|
The research "The Impact of COVID-19 on the Gallery Sector", prepared for Art Basel and UBS based on the outcome of the first half of 2020, shows some interesting tendencies on the art market in the gallery sector.
A third of the galleries surveyed were forced to reduce their staff in the first half of 2020, and the volume of sales fell on average by 36%. Among collectors with high incomes, 92% remained active on the market and obtained at least once piece of art; 56% of them have already spent over 100 000 USD in 2020, including 16% who have spent over 1 million USD. 59% of collectors indicated that during the pandemic, their interest in collecting increased.
It is important to note separately that the portion of online sales has risen significantly in galleries. If in 2019 the portion was only 10% of the total volume of sales, in the first half of 2020 it amounted to 37%. Having come face-to-face with the crisis, the art market began to shift online.
Source: The Arts Economics
Evgeniy Saunin, 10 October 2020, 17:30