Auction Houses Selling Art Online and Modern Art Galleries
The pandemic is changing how people purchase and exhibit their artworks. The global pandemic has led to the closure of many museums, consequently leading to the postponement of exhibitions and interruption of auctions. In 2020, a group of art galleries, Acquavella, Pace, and Gagosian, sold Donald Marron’s art pieces. The three were taking up the late philanthropist’s $450 million estates; this was shocking since it was an auction house’s territory historically.
Online Art Auctions
Selling art online certainly has its advantages over traditional auctioning. More and more works of art go online for auction. The virtual audience is vast, and the platforms that organize these auctions charge less for their services.
There are various online auction houses today. A few of the prominent ones include:
- Sotheby’s
Sotheby’s is one of the most well-known auction houses in the world. The site auctions real estate, jewellery, and collectables as well. The site also deals in appraisals, estates, and trusts. It has its headquarter in New York City. Sotheby’s make money through loans on different artwork consignments and commission on sales. It sells pieces in more than 70 categories and has offices in over 40 nations. Moreover, Sotheby’s has more than ten salesrooms for auctions.
- Bonhams
Established in 1793, Bonhams is one of the first and biggest auctions firms in the world. Today, it is the fastest-growing online auction house focused on visual arts, jewels, automobiles, and antiques. It began its online auctions in 2016 with collections from a European nobleman. This privately owned auction house was purchased by Epiris, a private equity corporation, in 2018.
- Christie’s
Christie’s has over 85 offices in more than 43 nations globally. It is a well-known auction house worldwide. Its busiest and central auction area is in South Kensington. It deals in antiques, artworks, real estate, and fashion. Christie’s has been breaking various records for the last 250 years since its creation. Its most remarkable record is the $832.6 million Rockefeller collection sales which became the most notable charity auction ever presented.
Future of Art Market
Christie’s is looking forward to developing into the world’s first auction house to offer separate Non-Fungible Token artwork. Beeple, who has a massive following on Instagram, is responsible for the pixelated artwork, which comprises of different images from 2007 1st of May. This piece of work is entirely digital, and the winner walks away with an encrypted file. The blockchain will be responsible for the registration. With NFT, a buyer can have a legitimate claim on digital art.
Future of art Galleries
In 2020, more than 93% of online galleries closed their doors in the first two months. In comparison to 2019, art fairs did not perform well, with an income of only 16%, registering a decrease of 30%. Many art fairs are considering innovative ways of exhibiting their pieces. For instance, Art Basel is considering using “ghost booths” to enable participants to participate in the exhibitions despite the restrictions on travelling.
Even though art fairs such as Art Basel are trying to go entirely virtual, most galleries are beginning to take back the ownership of their pieces. Art galleries are beginning to offer similar sales exhibits and programming platforms. One good example is the Galleries Curate, which connects more than 21 galleries.
Conclusion
The artworld is yet to see changes in how people buy and sell art, with NFT now in place. NFT will enable artists to share their work through their social media communities in exchange for crypto. Platforms such MakersPlace make it easier for such artists to make money from resales. Indeed the future of art is online.
References
- Randall K.. (2019). Top 5 Auction Houses in the World [Online] August 2019. Available at: https://www.thecollector.com/top-5-auction-houses-in-the-world/ [Accessed: 20th May 2021]
- Willis S.. (2014). Crypto millionaires’ love of NFTs is a boon for the ageing art market—but galleries may miss out [Online] April 2014. Available at: https://fortune.com/2021/04/14/nft-non-fungible-token-art-crypto-art-market-galleries-auction-houses/ [Accessed: 20th May 2021]
- Rea N. & Brown K. (2021). The Blobification of the Art Industry: How Lockdown Has Accelerated the Blurred Lines Between Galleries and Auction Houses [Online] April 2021. Available at: https://news.artnet.com/market/auction-house-gallery-convergence-1958308 [Accessed: 20th May 2021]
- Shaw A.. (2021). ‘The future of the art market’: Christie’s to become first major auction house to sell a standalone NFT work of art [Online] February 2021. Available at: https://www.theartnewspaper.com/news/the-future-of-the-art-market-christie-s-to-become-first-major-auction-house-to-sell-a-standalone-nft-work-of-art [Accessed: 20th May 2021]
- Beeton K.. (2020). The Future of the Gallery Sector [Online] October 2020. Available at: https://www.artworldinsights.com/blog/2020/10/21/the-future-of-the-gallery-sector [Accessed: 20th May 2021]
- Devi R.. (2021). Are Art Galleries and Auction Houses Turning the Tables on Art Fairs? [Online] February 2021. Available at: https://www.cobosocial.com/dossiers/are-art-galleries-and-auction-houses-turning-the-tables-on-art-fairs/ [Accessed: 20th May 2021]
- Art-Collecting (2021). Art Auction Houses and Online Art Auctions [Online] Available at: https://art-collecting.com/auctions.htm [Accessed: 20th May 2021]
- Kenton W.. (2021). Sotheby’s [Online] January 2021. Available at: https://www.investopedia.com/terms/s/sothebys.asp [Accessed: 20th May 2021]
- Bonhams (2021). Bonhams: Auctioneers for the 21st Century [Online] Available at: https://www.bonhams.com/about_us/ [Accessed: 20th May 2021]
