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The Pandemic's Impact on the Global Art Market
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UBS recently hosted a panel to discuss the art market in the context of the COVID-19 crisis. The goal of the conversation was to assess the impact and consider the possible evolution the future art market might undergo.
As illustrated in the graph above, this is a deeper and more pervasive crisis than the 2009 subprime mortgage recession. One attribute of 2009's rebound was the globalization of the art market that had occurred in the decade leading up to 2009 with an influx of new galleries, artists, auction houses and collectors.
Acquiring artwork:
- We are seeing more price transparency as galleries and art fairs moving online during the COVID-19 crisis. Price information, either an exact amount or range, is a requirement for online art fairs and is also being presented in gallery viewing rooms. New collectors in particular are enjoying seeing pricing. Artwork that they previously felt they couldn't afford because no price was listed is now seen as an opportunity for new collectors to enter the market.
- For those in the market, there is more access to artwork that was previously unavailable due to deep wait lists. Collectors are also able to negotiate better terms, which means discounts, but also payment plans.
The artistic response:
- Historically, past crises have yielded some of the greatest art of our time (ie: Picasso's Guernica, Giacommetti's attenuated figures, Munch's Self Portrait after the Spanish Flu and Schiele's The Family).
- Artists who would normally be traveling for art fairs and museum openings have had more time in their studio to produce more work.
- Knowing that their work will be viewed first on the internet versus in person, many artists are adapting their practice in response to this new virtual experience and creating artwork that is destined for the internet.
Technology:
- Galleries, auction houses and museums have green lighted long gestating digital projects and launched them in a span of weeks.
- The art market's trust and comfort with technology has been proven as collectors utilize software for shipping, research available work, communicate with experts, bid and buy.
It will be interesting to continue to follow this space and see which trends become adopted as practice (price transparency) in a post-COVID market.
- Hadley
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Deep Dive: Sculptors as Printmakers
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Left to right: Richard Serra, Finally Finished II, 1-color etching, 75 x 59 3/4 in., 2017, $60,000; Joel Shapiro, Untitled, aquatint, 37 3/8 x 27 3/4 in., 1990, $3,200; Sol LeWitt, Irregular Arcs and Bands from Lower Left Side, pair of woodcuts, 15 x 19 in., 1997, $9,500; Louise Bourgeois, Couples, color lithograph on Arches paper, 44 x 26 in., 2001, $16,000; Michele Oka Doner, Corpus, relief on handmade paper, 72 x 48 in., 2008, $19,200.
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Artists who work in a specific medium will sometimes turn to another medium when they are working through an idea or need a break from their current practice. I find it particularly interesting when sculptors do printmaking, taking a three-dimensional, potentially large and heavy body of work and switching to being flat and two-dimensional works on paper. The print making process is collaborative, much like producing a sculpture can be through a foundry. At the print shop, the artist works with a master printmaker, learning techniques and creating the edition. Similarly, if an artist is having their work fabricated, they lean on the expertise of various highly trained artisans. As with any art form, we are assessing how an artist's idea translates to the medium, versus a direct replica of the work in which they are known for. In the six works I selected, I believe that the varying print techniques utilized (color-etching, aquatint, woodcut, lithograph and relief) all reflect the artist's signature style, but through a different media, which makes them compelling. The selection of works, all by artists who predominately identify as sculptors, are being offered as part of the International Fine Art Dealers Association (IFPDA) fair being held on Artsy through June 13th.
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Artist and Master Printermaker James Stroud established Center Street Studio after working with print maker Stanley William Hayter at Atelier 17 in Paris in 1980-81, then completing his MFA in painting and printmaking at the Yale School of Art in 1984. Since then, Center Street Studio has produced hundreds of print projects with artists of national and international reputation. Stroud is particularly respected for actively seeking out emerging talent and pursuing projects with young artists. The studio specializes in all kinds of intaglio techniques but produces woodcut and monotype projects as well.
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Left to right: Bill Thompson, Crest, aquatint with surface roll on shaped copper plate, 30 x 35 in., 2015; Eltono, 7Y7G7B I + 7Y7R7B I, woodblock mono prints (diptych), 32 x 24 in., 2017; Markus Linnenbrink, IHEARYOULOOKING (SCHRAG) 5, monotype, 52 x 39 ½ in., 2015; Richard Ryan, Nine Blue Poppies, color woodcut, 60 x 43 in., 2007.
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Niyi Olagunju, Baga Nimba (Gold), wood, aluminum and gold leaf, 84 x 24 x 35 in., 2020
Niyi Olagunju's contemporary appropriation of traditional African sculptures continues his exploration of global trade and the "absolute commodification of everything." Olagunju's sculptures question the value system driving the continued growth in the sale of traditional African artifacts. The artist bisects his sculptures vertically and coats them in metals mined from the region from where they are originally sourced. His use of precious and semi-precious metals draws attention to the multiple relationships that can emerge from the exploitation of natural resources in Africa, and its impacts on people and their cultural legacies.
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Collectors are taking the time to make sure that their collection is properly cataloged. Choosing the right Collection Management tool depends on the needs of the collector and collection. I've compiled some of the best in the industry and reviewed the different features and functionality.
- Collectrium
- A Christie's auction house company, Collectrium is a comprehensive collection management tool. With unlimited capacity for images and attachments, Collectrium allows subscribers to move away from cumbersome paper documentation and keep all the information about their collections in one place. It has an IOS supported Mobile app for accessing your collection via iPad or iPhone.
- Pricing: Opt for personal at $90/month to enable one person to login, $400/month for up to 5 users.
- CollectorIQ
- A collection management software that layers in a pricing database (6.5 million works of art) and market research (320,000 artists).
- Pricing: Free version allows you to add 5 artworks from your collection, access auction results, view upcoming auctions and follow artists to receive notifications regarding upcoming auctions. Their second tier is $59/month gains access to their proprietary analytics around liquidity and volatility for individual artists. The highest tier at $125/month enables you to manage a complete collection, generate reporting as well as structured data such as purchase details, location and appraisal information. At this level there is an iOS and Android app.
- AirTable
- Under their Art Gallery Management template, a free account can be used to organize your collection utilizing an unlimited number of attributes and upload attachments. With a straightforward UI, this is the most Excel spreadsheet / Google doc looking of the services.
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