The Art World Goes Digital
July 2020 — Digital technology is transforming how galleries and auction houses showcase art and introduce emerging artists to a world dealing with a global pandemic. Like many industries, the art world has been hit hard by COVID-19. Fairs have been cancelled. Galleries and museums have closed their doors.
According to a recent survey from the Art Dealers Association of America (ADAA), art galleries experienced a 31 percent loss in revenue for the first quarter of 2020, with a projected 73 percent loss for the second quarter. And yet, a leap to online viewing offered an opportunity to reach new clients who otherwise could not view the art in person.
“The resistance to digital presence has been erased, and it will be a useful tool going forward,” said Maureen Bray, Executive Director of the ADAA. While dealers prefer to show pieces in person, Bray said many are adapting in this current environment.
She joined Michael Findlay, Director of Acquavella Galleries, for a Goldman Sachs Convenes webinar to discuss the current state of the art market. Monica Heslington, Head of the GS Family Office Art & Collectibles Advisory, moderated the discussion.
Founded in 1962, the ADAA has partnered with Art Logic, a technology and software company, to showcase member galleries from across the country with digital viewing rooms that include more than just images of art. An interested collector can take a digital tour of a gallery or interact with content that tells the story of both the artwork and the artist, including videos and essays.
“Creating compelling content helps offset that you cannot see the work in real life,” Bray said. She added that transparency surrounding pricing has been popular in this digital environment. “Those that listed prices had more engagement than those that did not.”
Those that listed prices had more engagement than those that did not. -Maureen Bray
Experts say that an online presence not only provides more education for art aficionados, but also reduces the intimidation factor for newer collectors who might fear asking the wrong questions when visiting a gallery.
While a digital platform is making a difference, Michael Findlay believes some types of art did not capture as much interest this auction season.
“Abstract expressionist collections did not do as well as they would have done had there been more public viewing,” he said, adding that saturated color with brush strokes appear different in person than on a pixelated screen.
However, Findlay shared that high-end sales are happening privately due to the long-standing relationships between dealers, gallerists and collectors.
“These are transactions between people who know each other,” he said. “Blue-chip artists (Monet, Picasso, Pollack) with a strong historical footprint, good works by those artists, have turned out to be very resilient.”
When asked how today’s current situation compared to past crises, Bray and Findlay are both optimistic of what the future holds.
“These hard times will lead to some amazing, creative pieces of art,” Findlay said.
Click the following link to learn more about the Art Dealers Association of America.
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