Global art sales plunge as social distancing, Covid-19 infection fears keep buyers away from galleries, networking events
- Sales of artworks contracted by over a third globally in the first half of 2020, says a report by UBS and Art Basel
- In Hong Kong, an art trading hub in Asia, many galleries have been able to stay open as no stringent lockdowns have been imposed
Fine art is often shielded from the ravages of an economic downturn because of its status as a safe haven for wealthy investors. But this crisis has been different.
Sales of artworks have contracted by over a third globally in the first half of 2020, and one third of galleries have downsized, losing an average of four employees, according to a report co-published by UBS and Art Basel.
“The art market has often shown resilience to events in the wider economic and political environment,” said Clare McAndrew, a cultural economist and author of the report. “But the Covid-19 pandemic in 2020 has presented the market – and the gallery sector in particular – with some of its biggest challenges yet.”
Of 795 galleries around the world in the modern and contemporary art sector surveyed for the report, 93 per cent had closed their premises between January and July 1.
In Hong Kong, however, where the government has never imposed stringent lockdown orders, many galleries managed to keep going through the height of the crisis, though with a decline in foot traffic.
“I think we’ve been very lucky. We haven’t cancelled or pushed back on any shows except one in March,” said Julliana Choi, director of Over the Influence, a gallery located in Central. “We definitely see fewer people coming to see our shows. That means we were still able to do business as usual, but at a slower pace.”