Skip to main content

Evolve or perish: Virus reshaping art auction market

a group of people standing in front of a crowd posing for the camera: Experts don't believe in-person auctions for major works of art like Leonardo da Vinci’s "Salvator Mundi" are at risk, but the coronavirus crisis is likely to push the industry even further to online business © TIMOTHY A. CLARY Experts don't believe in-person auctions for major works of art like Leonardo da Vinci's "Salvator Mundi" are at risk, but the coronavirus crisis is likely to push the industry even further to online business

The coronavirus pandemic poses a huge global challenge to auction houses large and small, but those that have embraced technology could prosper as nervous investors seek a safe haven, according to experts.

Major London-based house Sotheby's has closed its London, Hong Kong, Dubai, Geneva, Milan, Paris and New York offices, throwing their marquee May auctions into doubt.

Main rival Christie's, meanwhile, said it was "working swiftly" to reschedule postponed auctions.

"It's a threat to all of us, but I do think we'll get through it," Giles Peppiatt, director for modern and contemporary African art at fellow London-based auction giant Bonhams, told AFP.

Although no longer able to hold live auctions, the pandemic has accelerated the move to online sales.

"We thank our stars that we have online bidding," said Peppiatt.

"When online sales first started, all the auctioneers thought it would suck the life out of the auctions.

"But it's amazing that the thing we feared most at the time is probably going to be our saviour."

Jen Zatorski, president of Christie's America, told a media conference call that the company had responded by accelerating the reprogramming of its online sale platform using its own technology developed over the last decade.

"The art market and our clients are ready and wishing for this type of digital engagement and transaction," she explained.

- 'Defining moment' -

The outbreak poses different challenges for various sized auction houses, and for different segments of the market, experts said.

"I think small auction houses... will really struggle through this because they just don't have the... liquidity to ride it out," Clare McAndrew, CEO of Arts Economics, told AFP.

But Pierce Noonan, the chairman and CEO of London-based auction house Dix Noonan Webb, said that nimble smaller firms could thrive.

"Number one: It's going to be technology," he said. "This is a defining moment."

His house, which specialises in small collectibles such as watches and jewellery, is planning to hold a live online sale next week, with the auctioneer presiding from home, if necessary.

A cut of the proceeds will go to Britain's National Health Service.

"Our website traffic, it's never been busier," he added, explaining that people were stuck at home with little else to spend their money on.

- 'Art survives' -

Having tangible assets could also become more attractive as other investment options collapse.

A "sad truth is that art survives disaster," art economics expert Kathryn Brown, from Britain's Loughborough University, told AFP.

"People continued to buy art during the First World War. You can look at correspondence between the poet Guillaume Apollinaire, writing from the trenches to a dealer in Paris, telling him what art to buy."

Christie's president Jussi Pylkkanen said they had not experienced "falling appetite from our buyers."

A bigger issue could be supply, explained McAndrew.

"The problem is people might perceive it as a poor time to sell."

So those in search of a cut-price Picasso could be disappointed.

"This idea of panic offers is a little bit rubbish," she said. "They tend to sell from the bottom of the pile."

This seemed to be borne out by Christie's US chairman Marc Porter, who explained that "we have not seen, yet, people who need to raise capital immediately".

- 'Heat of the moment' -

The outbreak could hit different parts of the market more harshly, believes Peppiatt.

"It's the areas where the market money... is a little bit more 'hot' -- in the sense this is a bit more speculation -- that could be a bit more vulnerable," he said, pointing to the mainstream contemporary market. 

Live auctions could even shift to Asia as it eases lockdowns.

"As long as all the correct people have been made aware and all the correct people have seen the works, you should get pretty much the same price," he said. 

Despite shifting business online and the creation of virtual galleries, there will still be a crucial role for live auctions after the dust settles, according to the experts.

"There's no doubt also that with a live auction, buyers tend to bid a bit more freely because they get wrapped up in the auction, in the heat of the moment, the drama, the theatre," said Peppiatt.

"I think for major works of art  -- when you're talking over £100,000 ($120,000) -- people do like to try to get in front of the picture themselves."



Popular posts from this blog

History of Art Timeline

The historical past of art is usually told as a chronology of masterpieces created during each civilization. It can thus be framed as a narrative of high culture, epitomized by the Wonders of the World. On any other hand, vernacular art expressions can even be integrated into art historic narratives, called folk arts or craft. The more intently that an art historian engages with these latter sorts of low culture, the much more likely it is that they will determine their work as analyzing visual culture or cloth culture, or as contributing to fields associated with art historical past, akin to anthropology or archaeology. In the latter cases, art gadgets may be called archeological artifacts. Surviving art from this era comprises small carvings in stone or bone and cave painting. The first traces of human-made gadgets appeared in southern Africa, the Western Mediterranean, Central and Eastern Europe Adriatic Sea, Siberia Baikal Lake, India, and Australia. These first traces are general…

How to Show Art Work when the Gallery Says No Thanks

There are places in the town where you live where you can show your artwork when the big gallery you solicited said, "No, thanks."
Other artists may need to find venues other than galleries to show their artworks as well. Visual artists living in art-rich communities where there is a lot of local competition will need to get creative about display opportunities.

Or on the other hand, in towns without large art venues, it is important for artists to find smaller and less obvious places to show your art.

How to Show Art Work When The Gallery Says No Thanks

1. Show Where You Go

The most successful approach to finding a place in your town to display your artwork is to solicit a place that you go to frequently. Make a list of all the places you go to each day, each week, and each month.

Make a special trip, or the next time you visit note if the establishment currently exhibits any artwork, if it is local, and if it is for sale.

Also note if they have available wall space where a…

Watch: This Crashing Wave Art Installation in South Korea Brings Seaside Tranquility to a Busy City

Salvador Dalí was one of the most famous painters of the 20th century. The Surrealist's self-promotional antics and bizarre artwork made him an international celebrity early in his career, and there are still traces of him littered throughout pop culture. References to the melting clocks in his most famous painting, The Persistence of Memory, have cropped up on everything from The Simpsons to news coverage of the 2015 New England Patriots's Deflategate scandal. His distinctive personal style is now so iconic that he has become a Halloween costume—one instantly recognizable by mustache al one.The artist's long career was full of unexpected twists, and even if you've seen his work, you probably don't know how far-reaching his influence remains today, more than a century after he was born on May 11, 1904. 1. Salvador Dalí started painting when he was just a kid. Dalí painted one of his earliest known works, Landscape of Figueres, in 1910, when was about 6 years ol…