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

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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.

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WRITTEN BY
Social Chats

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

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