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The Covid-19 pandemic has accelerated changes in the art world, and galleries have inevitably had to adapt to keep up. While the FIAC 2021 officially begins this Thursday, October 21, this event remains an opportunity to understand the new strategies put in place by galleries.
Despite the forced closures, the art market has proved resilient. Its turnover fell by only 22% in 2020, and since the beginning of 2021, it has seen a clear upturn, driven by collectors with financial assets of more than one million dollars, who increased their purchases by 42% in 2020 compared to 2021. “The thirst for works has never been so great in the world, thanks to the Internet, which has shortened the time it takes to sell,” observes gallery owner Daniel Templon.
Online transactions have doubled in value to almost 25% of the global art market. In some contemporary art galleries, they even represent up to 37% of turnover. With new technologies, such as software, customers can now view a painting in their living room, for example, which makes their choice all the easier.
But if online sales have taken a prominent place, it is not the only new weapon available to galleries. Galleries have also chosen to expand their formats and services, to diversify their offer and allow collectors to approach the creations of different artists in several places at once, which avoids having to go to fairs all over the world, a practice that leads artists to produce rather than create.
Another strategy used by art galleries is to relocate in order to get closer to their customers while adapting their offer to the place where they are located. Galleries are increasingly taking over atypical locations, such as places of worship or rooms with a completely different purpose.
All this gives galleries a certain sense of agility. They now have the possibility of transforming themselves in order to deal with crises and thus strengthen their position. With technology, galleries are also becoming increasingly dematerialised, allowing collectors to make their choices from home. This is an important advance in a context where social interaction remains limited. Moreover, all this allows artists to reappropriate their work and to concentrate more on the creative process. They no longer have the obligation to produce numerous works that will be exhibited all over the world.
The pandemic has helped to reshuffle the deck in an art market that has long been resistant to change.
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The Covid-19 pandemic has accelerated changes in the art world, and galleries have inevitably had to adapt to keep up. While the FIAC 2021 officially begins this Thursday, October 21, this event remains an opportunity to understand the new strategies put in place by galleries.
Despite the forced closures, the art market has proved resilient. Its turnover fell by only 22% in 2020, and since the beginning of 2021, it has seen a clear upturn, driven by collectors with financial assets of more than one million dollars, who increased their purchases by 42% in 2020 compared to 2021. “The thirst for works has never been so great in the world, thanks to the Internet, which has shortened the time it takes to sell,” observes gallery owner Daniel Templon.
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The Covid-19 pandemic has accelerated changes in the art world, and galleries have inevitably had to adapt to keep up. While the FIAC 2021 officially begins this Thursday, October 21, this event remains an opportunity to understand the new strategies put in place by galleries.
Despite the forced closures, the art market has proved resilient. Its turnover fell by only 22% in 2020, and since the beginning of 2021, it has seen a clear upturn, driven by collectors with financial assets of more than one million dollars, who increased their purchases by 42% in 2020 compared to 2021. “The thirst for works has never been so great in the world, thanks to the Internet, which has shortened the time it takes to sell,” observes gallery owner Daniel Templon.
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