The Online Art Market and its Accelerating Potential

The art market’s current situation as it stands in mid-2020 has been described as experiencing cardiac arrest by Anders Petterson in his Art Market Confidence Report. All art fairs having been canceled or postponed and those that have opened have done so under challenging constraints. Thus, the art-market that existed before the pandemic is at a global standstill.

There is, however, one sector of the art market that is flourishing. Online sales (like much of retail in general) has picked up the pace and changing positively with the times.

As the pandemic crisis persists, art collectors, (as well as just about everyone) have been spending increasing amounts of time browsing online for all sorts of information, entertainment, and yes, acquisitions.

While it is too early for real data on online art transactions, news that auction houses have been experiencing successful online sales is encouraging.

“We don’t see this as a departure,” says Brooke Lampley, vice chairman of Sotheby’s fine art division, noting that the auction house has sold works online since 2016. Yet, the circumstances of the pandemic have “really allowed us to accelerate a program that was already in place, that we already were exploring.” (1)

Christie’s Matthew Rubinger, deputy chief marketing officer, recalls recently seeing a cartoon that asked: “Who is driving digital innovation in your company? The CMO, CTO, CEO, or Covid-19.” The obvious answer: Covid-19.