Online Art. Can it save a 60 Billion Dollar industry?

Social Chats Logo
Social Chats

Because of the COVID19’s impact on the arts, the art industry is hurting. Although the wealthy consumer base that makes up this 60 billion-dollar industry isn’t suffering very much, revenues for art galleries are plummeting. Even with virtual galleries and online art sales, many are facing closure.

Many young and digitally well-versed buyers are more likely to purchase a work, but the big bucks come from older and more experienced collectors, with deeper pockets to match.

The art industry relies on a client’s ability to travel and come together for auctions or shows, which for obvious reasons, is becoming more and more difficult for said clients. According to Art Basel (a for-profit art fair held annually in Hong Kong,

Miami Beach

New York

According to the Hiscox Online Art Trade Report, 90% of collectors over the age of 60 agree with him. Lockdown sales have created a generation gap between older and younger collectors. Until this gap in collecting bridged, the art industry may continue to suffer.

Author: Sebastian Fernandez, multimedia blogger & content creator for Social Chats.

Social Chats Logo
Social Chats

Social Chats is a multimedia and entertainment company. It’s a division of kNOw Aging, inc. a communications consultancy.

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Social Chats Logo
Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles