Art collectors move online as pandemic shuts down fairs
Global sales of art and antiques fell by more than a fifth during 2020 to $50.1 billion (CHF46.5 billion). With the cancellation of many art shows, online sales doubled to $12.4 billion, making up a quarter of all sales, according to a report from Swiss bank UBS and research group Art Economics.
This content was published on
2 minutes
Art Basel, which in 2019 featured $4 billion worth of art, was one of the premiere events that was forced to cancel in 2020. Organisers have postponed this year’s event from June to September as Covid-19 continues.
Of the 365 art fairs scheduled for 2020, 61% have been cancelled, UBS said on TuesdayExternal link. The remainder were able to stage live events, but many of these switched online. Instagram proved to be a popular method of buying art, with around a third of art collectors surveyed by UBS using this social media channel to make purchases.
China overtook the United States last year as the largest geographical market for art auctions, with a share of 36%. China, the US and Britain remain the dominant areas with four out of five auction sales taking place in these three countries. When it comes to total art sales by all channels, the US retained its status as the largest market, followed by China and Britain.
‘Inevitable’
The report found that the appetite of collectors to spend their money on art has not diminished, leading to 58% of art dealers to predict increasing sales this year.
The global art market is “populated by mainly small businesses that rely on discretionary purchasing, travel and personal contact. The fall in sales was inevitable,” said report author Clare MacAndrew.
“But the crisis also provided the impetus for change and restructuring, the most fundamental shift being the rollout of digital strategies and online sales, which had lagged behind other industries up to now.”
Swiss authorities announce cost-cutting in asylum sector
This content was published on
The government notably wants to improve integration into the labour force, particularly for people with protection status S.
Various leaders confirm participation at Ukraine peace conference
This content was published on
The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
This content was published on
In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
Rhine flooding: Swiss to invest CHF1 billion with Austria
This content was published on
As part of an international agreement with Austria, the Swiss government wants to pump CHF1 billion ($1.1 billion) into flood protection measures along the Rhine over the next three decades.
Swiss government proposes CHF10 million UNRWA donation
This content was published on
After months of debate, Switzerland plans to give CHF10 million ($11 million) to the UN agency this year, rather than the CHF20 million initially foreseen.
Swiss study: insects mainly migrate at midday and dusk
This content was published on
A study led by the Swiss Ornithological Institute in canton Lucerne is helping to better understand the movement patterns of migratory insects.
Red Cross: 22 staff killed in Middle East since October
This content was published on
The Red Cross and Red Crescent network in Gaza and Israel has lost 22 staff members since last October, the Swiss Red Cross (SRC) said on Wednesday.
Dortmund’s Kobel is first Swiss goalie in Champions League final
This content was published on
Borussia Dortmund’s Gregor Kobel has achieved history by becoming the first Swiss goalkeeper to reach a Champion’s League final.
University students in Switzerland join Gaza protest wave
This content was published on
Pro-Palestinian activists occupied university buildings in Lausanne, Geneva and Zurich on Tuesday, widening the protest movement in the Alpine nation.
Murdoch entry into MCH meets Takeover Board obstacle
This content was published on
James Murdoch’s planned entry into the capital of leading Swiss exhibition organiser MCH has hit an obstacle after a Swiss Takeover Board decision.
This content was published on
This year’s edition of the world’s biggest art fair, initially rescheduled until September, has now been cancelled altogether.
Art Basel to debut digital gallery after Hong Kong fair cancellation
This content was published on
Following the cancellation of the Hong Kong edition due to the coronavirus outbreak, galleries will be offered free use of a digital platform.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.