Updates from the Art World
Art Fairs – Many major art fairs scheduled for 2020 have either been postponed or cancelled all together. Such was the case with the granddaddy of them all, Art Basel, Switzerland which normally takes place in June. However, over 4,000 of the works on offer were accessible for remote viewing in online "viewing rooms." Reactions from exhibitors and collectors have been quite good.
Galleries – Although there have been numerous gallery closings and many continue to struggle, galleries that have been able to scale back and cut expenses seem to be faring well. Taking a cue from the fairs, there has been a rush among galleries to create online viewing rooms to show their inventory, and to present exhibitions virtually. The concept of fine art fairs moving online is a welcome one for galleries who have in the past felt the pressure to participate in numerous fairs each year with all of the work and expense that entails.
Museums – A large number of museums have reopened with limited capacity and new safety precautions despite major layoffs at institutions worldwide earlier in the year.
Auctions – Perhaps best positioned to pivot to the new reality, the major auction houses have been offering online, absentee, and phone bidding for years. Some live sales have been postponed or switched to online only sales for the time being, and viewings are by appointment. In July, Christie's executed a "global" sale of 20th-century art called ONE taking place in Hong Kong, Paris, London and New York in live-streaming consecutive sessions.
Collectors – Despite the ongoing pandemic, it seems collectors (often spending more time at home) are continuing to collect. There hasn't been a mad rush to divest collections as some had predicted. In fact, many collectors report that they are willing to purchase a piece sight unseen, especially when already familiar with the artist’s work. And, with galleries and dealers offering generous “on approval” terms, there is little risk.
Artists – Of course, without artists, there would be no art fairs, galleries or art auctions. Countless artists have been and will continue to be affected by the global pandemic in some way. Here are some ways to help:
Artist Relief, organized by a group of small to mid-sized national arts grantmakers, is distributing $5,000 grants to artists in need.
Greater Houston Area Arts Relief Fund for artists and arts workers will provide grants to cover basic needs for artists and arts managers who have lost wages during the pandemic.
Looking Forward...
Time will tell what lasting effects the pandemic will have on the art world, if any. So far, market values of works, whether in the primary or secondary market, have not been noticeably affected. We expect the online viewing rooms of galleries and art fairs are here to stay as well as a possible reduction in the number of fine art fairs held each year. We are optimistic that this "reset" of sorts in the art world will lead to a more transparent, pared-down, diverse, artist-focused future.
Pietro Rotari, Girl Looking through a Telescope