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,
and Basel), online transactions made up just 9 percent of the 64.1 billion in global sales. This slowly growing trend of online buying is creating a gap between older and younger collectors regarding the online art experience.
Andre Gordts, 69, claims, “One needs physical contact with artwork to grasp it. Removing the analog element will kill collecting.”
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.