Fall is almost here, and the art world is buzzing about the renowned Art Basel and UBS Art Market Report, which was just published last week. Written by art economist Clare McAndrew, the report covers the first half of 2020 and offers insights that are especially interesting in the midst of the global pandemic.
Not surprisingly, gallery sales were down 36% compared to the same period in 2019. As I’ve noted in my recent newsletters, the online sector is a significant focus for galleries, contributing 37% to sales in the first half of this year compared to 10% last year.
The collector statistics are more surprising: 59% said the pandemic has increased their collecting interest, and 92% said they have bought art this year. I personally have had a similar experience. While my business was quiet in mid-March, by the end of May my clients were re-engaging. Since then, I’ve been consistently closing deals – even throughout August, which is typically the slowest month for art sales.
What’s driving sales? Mainly it’s emerging optimism, boredom, addiction, being stuck at home looking at the same artworks (or, worse, at empty walls), and having more disposable income due to a strong stock market and the inability to spend money on much else for many months.
Looking ahead, the report found that 82% of collectors plan to attend art events in the next 12 months, with 57% hoping to go to events locally and abroad. Most galleries have reopened – with precautions – so if you feel comfortable, go take a look. Viewing art is good for the soul – and if you need suggestions on where to go, just let me know.
9/16/20