The global Covid-19 pandemic has had a huge impact on the way the art market operates nowadays. After a rather difficult period of adjustment art galleries, dealers, auction houses and collectors showed remarkable flexibility and resilience. The pandemic has certainly revolutionized many markets, and the art market is no exception. Here are several lessons learned about buying and selling fine art during a pandemic.
Art galleries, fine art advisors, art appraisers, galleries, and auction houses with established online platforms such as fully functional websites and online viewing rooms had a smoother transition to the online marketplace consequence of the pandemic.
Online art sales attracted younger, international, and new buyers. This also increased competition between new and established fine art services. This trend might be new but it is here to stay, hybrid in-person and online sales models will prevail for quite a while.
The transition to online operations required many businesses to provide more effective viewing, collection management, and shipping options for clients who were personally unable to view the works. Technology came to play a huge role on virtual tours, videos, short films, streaming, and video calls.
Legally written sales agreements and terms of business between art businesses and collectors became even more important than under normal circumstances.
Museums and Art Fairs
A number of museums decided to deaccession works to fund their operations during this challenging time, something not normally done. However, other museums have continued to add to their collections though not as vigorously as in the past. Art fairs will continue to play an important role but will have to face a new reality. Although an improved online experience is helpful, nothing can replace material viewing and handling.
As we emerge into a post-pandemic phase, led by vaccination programs and new restrictions, we are confident the art market will emerge stronger than ever with new insights and re-evaluated ways of working with this treasure that is owning and appreciating art. With more than 20 years of experience in the fine art market, at AA Fine Art we can guide you through your options for buying, selling, or consigning your art collection. Contact us today!