Pandemic paints a grim picture for the art industry’s future
While the value of art will remain stable, the entire industry is set to be reshaped by Covid-19
Given that art is better appreciated in person, and the sale of art is entangled with the experience economy, the industry has suffered during the coronavirus lockdowns. And with social distancing measures in place it will take a long time to recover.
In times of distress, collectors will gravitate towards artworks produced by proven names. As a result, many small and medium art businesses around the world will have closed their doors by the time the pandemic has passed. Those businesses left standing will be the ones with the resources to weather this period, and those that have made the most of online trading.
Against this backdrop, however, the value of art itself will hold, and this will keep the art world turning...