Analysis: One year into pandemic, the art world adapts to survive
This year, instead of the usual hubbub of the world's biggest art fair in Basel, Switzerland, the Herzog & de Meuron building will be used as a vaccination hub. The pandemic has had a major impact on the art world, with global art sales dropping 22% in 2020. However, the ultra-wealthy, particularly from Asia, have continued to buy art, and auction houses such as Sotheby's and Christie's have seen record online activity. The success of Christie's $70 million digital artwork sale this month has demonstrated the potential to create wealth from the virtual world. Despite this, smaller galleries are struggling, as the pandemic has accelerated the concentration of the art world into fewer hands. Art Basel's nearly 100,000 visitors usually help boost hotel room occupancy, but this year the fair has been moved to September. Galleries and advisers anticipate a recovery in demand for fairs and art tourism post-pandemic, but some say there were too many fairs before the pandemic, and they will be more selective. This year, instead of the usual bustle of the world's biggest art fair in Basel, Switzerland, the Herzog & de Meuron building will be used as a vaccination hub. The pandemic has had a major effect on the art world, with global art sales dropping 22% in 2020. However, the ultra-wealthy, particularly from Asia, have continued to purchase art, and auction houses such as Sotheby's and Christie's have seen record online activity. The success of Christie's $70 million digital artwork sale this month has demonstrated the potential to create wealth from the virtual world. Despite this, smaller galleries are struggling, as the pandemic has accelerated the concentration of the art world into fewer hands. Art Basel's nearly 100,000 visitors usually help boost hotel room occupancy, but this year the fair has been moved to September. Galleries and advisers anticipate a recovery in demand for fairs and art tourism post-pandemic, but some say there were too many fairs before the pandemic, and they will be more selective in their choices.0
