Print this article

Global Art Market Gets Temperature Check

Jackie Bennion

11 May 2020

Auction houses Christie’s, Sotheby’s, Phillips, Bonhams all closed down their physical spaces in March but early reports suggest that online buying from high end to mass market has been energized in the lockdown and is attracting first-time entrants.

, said that after "the initial incredible disruption” of the shutdown came “an equally immediate and incredible transition into exhibiting online.”

Morrow, who operates galleries in London’s Mayfair, Beverly Hills in Los Angeles, and a space on the island of Mykonos, said that after the first shock and halt in activity, the pandemic has been a plus for amplifying art to a global audience; he has been getting enquiries from Zurich to Nashville from first-time customers.

In a call last week, Morrow acknowledged that a market without the big fairs, exclusive early-bird previews and the sheer energy of buying at a live auction, where prices are often driven up, is taking its toll.

“If you are an artist communicating for the first time on an online platform you are not going to resonate as well as if you’ve been on the circuit for a few years and people are physically familiar with your work.” In that respect, the lockdown has been tougher on new artists than established ones, he said. “But overall, there are more positives than negatives at the moment.” The last month has been a record one for the business, he said.

Morrow believes that the high-resolution 4k cameras now rendering artwork in exceptional 3-D quality, and the efforts going into augmenting online sales platforms will only improve the market, particularly for contemporary artists that have social appeal. These include graffiti artists like Banksy, China’s Zhuang Hong Yi and the surrealist style of George Condo whose painting broke online sales records at Sotheby’s last month. These are the blue-chip names attracting digital audiences and buyers, he said.