All of us, including the whole art community, are witnessing and experiencing the world turning upside down in the past few months. The Art Dealers Association of America (ADAA) reports that art galleries across the U.S. project an overall gross revenue loss of 73% in the second quarter of 2020 and have already seen an overall 31% loss in revenue for quarter one, as a result of developments from COVID-19.
Considering that all the major art fairs won’t come back until 2021, which normally stands for 50% of the gallery’s sales, all the art participants are seeking an evolutional way to help themselves out. Is the current Art market pullback going to take decades to bounce back like the previous one? The answer is “NO”. We are seeing a rise in digital acceleration in the art market, from the visual showroom and Art Basel, online auction, and many other arts-related online platforms. It’s also exciting to see that 40% of online buyers are first-time art buyers. Although the current digitalization is not perfect at all, we are happy to foresee some effective crux to the market's transparency, accessibility, and efficiency.