Pace Gallery’s new space in Palm Beach, Florida

As part on an ongoing monthly column for LUX, artnet’s Vice President Sophie Neuendorf discusses the cultural shifts caused by the pandemic and forecasts the future shape of the art industry

Sophie Neuendorf

Prior to the pandemic, city life was often synonymous with a thriving arts and culture scene. Most of the world’s major cities offered a plethora of  national and international galleries and museums to tempt tourists and locals alike, alongside the global rota of art fairs and biennials. It was an exciting ecosystem that was supported by constant stream of international art lovers and collectors.

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However, as James Tarmy recently wrote in Bloomberg, the pandemic has radically changed the status quo and has been vastly more painful to museums and nonprofit art organisations than to commercial galleries. The main reason for the disparity, he explained, is that “buying art is mostly a private activity; seeing art is much more communal.” His article reveals that sales have remained surprisingly robust at multiple levels of the market, from modestly sized dealers like James Fuentes and François Ghebaly to blue-chip galleries like David Zwirner and Hauser & Wirth. The rapid pivot to online sales are largely responsible last year’s robust sales, with $10.1 Billion spent on fine art sales in 2020 (Source: artnet Price Database). Private sales have also proved resilient— perhaps not surprising, given that the collective wealth of America’s 651 billionaires, for example, has increased by $1 trillion since the start of the pandemic. Strong interest from millennials, who squirrelled away vast amounts of disposable income amidst the lockdown, and robust activity from Asia are further fuelling demand.

When it comes to projecting the art industry’s timeline for full re-emergence from lockdown, it would be wise to note not only the rate of vaccination as a benchmark, but also the psychological impact and cultural shift initiated by the pandemic. For example, countryside living is having a renaissance, fuelled by remote working. While previous generations were drawn to cities for work and leisure alike, the restrictions of our global lockdown have bought about a counter-reaction to city life. A shift to working from home, zoom calls, and decreased business travel support this change. But what does this cultural shift mean for the art industry? How will galleries, museums, and institutions respond to collectors’ migration away from the world’s major cities?

Hauser and Wirth Somerset

As restrictions in movement and social distancing measures continue, more and more galleries, artist residencies, and institutions are finding homes in coastal towns and the countryside, opening up spacious, Covid-19 friendly spaces to attract collectors in a safe space.

Read more: Philip Hewat-Jaboor on discovering art through materials

Last summer, already saw an increase in pop up gallery spaces in popular destinations such as the Hamptons, Aspen, St Moritz, and Mallorca. Hauser & Wirth was ahead of the trend with its opening of H&W Somerset and this summer will see the launch of a new space in Menorca, and  in Monaco. Similarly, Pace Gallery is expanding within Seoul, as Asia is recovering more rapidly from the pandemic in comparison to European countries. The gallery is also catering to its Western clients who are migrating to coastal towns, by opening up spaces in East Hampton and Palm Beach.

As more and more galleries are responding to the “new normal,” a hybrid model will most likely develop. Taking advantage of the increased collector confidence in online transactions, galleries as well as auction houses will be able to connect with their clients online, while also opening up Covid-friendly spaces in more rural locations.

Hauser and Wirth Menorca is scheduled to open in July 2021

The drama of quarantine also opened up previously unlikely collaborations between fairs, dealers, auction houses, and even luxury brands. For example, Bulgari sponsored Sotheby’s Old Master Week in January, outfitting the auctioneer and staff in the brand’s jewels. I suspect we’ll be seeing many more partnerships of this kind as well as auction-art-fair hybrids like Christie’s recent project with the 1:54 contemporary African art fair or Johann König’s ‘Messe’ in St Agnes.

The incredible innovations rapidly developed during the pandemic—from live-streamed sales to a rolling battery of online offerings—are here to stay. Industry insiders and experts are predicting a surge of post-lockdown activity, but physical openings and exhibitions will continue to be complemented by online sales. The art industry has definitely changed, but I’m hopeful for what comes next.

Follow Sophie Neuendorf on Instagram: @sophieneuendorf

Jimi Hendrix, London, 1967, Gered Mankowitz

With many national lockdowns reinstated across the globe, the majority of this year’s festive shopping is  taking place online. Launching her new monthly column for LUX, artnet’s Vice President of Strategic Partnerships Sophie Neuendorf discusses the benefits of buying and gifting art remotely

Sophie Neuendorf

Nothing is more enduring or powerful than a work of art. Throughout history, it has been artists who have documented the zeitgeist, from religious convictions to frivolous fêtes or times of social unrest and upheaval. It is also always artists who push boundaries and promote an atmosphere of tolerance and peace.

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Especially now, at a time when we’re all forced to be secluded and are closing our houses and boarders, art has the power to open up a cross-cultural exchange and bring hope and light into our homes and our hearts. What’s more, art has the potential to provoke important discussions around current issues such as religion, gender, race, and politics. With the recent presidential election, and the ongoing Black Lives Matter, and Me Too movements, these topics will remain very current leading into this year’s holiday season.

For many of us, the holiday season is one of the most wonderful times of the year. 2020, however, is confronting us with unprecedented new challenges, and also an element of sadness and caution. Many of us will not be able to visit our grandparents; some of us won’t be able to travel home for the holidays; and a few of us will have suffered the loss of a family member or friend this year.

Untitled, 1964, Sam Francis

So, the question is: how do we celebrate the holidays pandemic style? By surprising our loved ones with witty, thoughtful gifts to make them happy for months, and years to come! Thanks to online technology it has never been easier to buy and ship directly, allowing us to get into the spirit of giving without the anxiety of social distancing.

Read more: Three major art patrons and a fine art photographer are transforming London’s shopfronts into a pop-up gallery

Whilst sites such as net-a-porter.com and matchesfashion.com provide excellent browsing material, why not try something new this year and invest in an artwork? Buying art online isn’t as complicated as it might seem. Although the art market has been slowly moving online over the past few years, the coronavirus pandemic has accelerated this transition. Now, with the help of cutting-edge technologies such as AR or VR, you’re able to visualise an artwork within a room and to scale, to ensure that the piece you love is perfect for your home. You can also chat with a specialist throughout the research and bidding process.

Study for Canadian Forest, Robert Longo

At artnet, for example, we offer a range of ongoing auctions which you can browse and bid at leisure from the comfort and safety of your home. From David Hockney to Richard Prince and KAWS, from Modern & Contemporary fine art to photography or abstraction, you’ll be spoilt for choice. It takes two minutes to register and then, you’re ready to go. Once you place a winning bid, your funds will be safely held by artnet in escrow until you or your loved ones receive the artwork in a perfect condition. And yes, there’s a returns policy. Now go ahead and treat yourself or someone else!

Sophie’s 5 top tips for buying art online:

1. Learn how to recognise quality and prioritise it over everything.
It’s much better to own one great artwork than five mediocre works. The beauty of bidding online is that it removes the time pressure of a live auction room. Take your time to browse, choose, and place your bid on that one piece you love.

2. Be patient and wait until a work of high quality within your budget comes up for sale. Then be prepared to act decisively and quickly. Don’t get discouraged if you miss out or end up being outbid; the next opportunity is always around the corner.

3. Study prices and the market extensively so you can spot good deals when they come up. At artnet, we have the art market’s most extensive and trusted price database, which is an excellent research tool. If you don’t have time, get advice from one of our specialists who are very happy to help, or work with a reputable advisor.

4. Take transaction costs into account prior to bidding. Buyer’s premium, shipping, insurance, taxes and duties can add significant costs to your acquisition. We can calculate all that for you at artnet.

5. Enjoy yourself. Art collecting is excellent fun!

Browse artnet’s current auctions via artnet.com/auctions