For the past few years, the art market has been staggering. With the COVID pandemic hitting hard, things have taken a drastic turn.
In their analysis of global auction, March 2020, Artnet.com witnessed how sales took a sharp dip with prices falling way down the average mark. Reportedly, the total sales at the auctions depicted a lowdown by no less than 75 percent in March alone, compared to the previous year's findings.
Traditional auction houses around the world reported a sale of not more than 227.6 million dollars, which is a sharp decline from 2019, that stood at more than 900 million.
Furthermore, a slew of significant events like the Asian Art scheduled to be held in New York was called off. Owing to the spiral downturn of economic conditions, buyers were reluctant to pay for big ticketing anyway.
Given the trying times with no respite whatsoever, auctions decided to walk the online route for good.
And guess what !
It's been a rewarding move after all. Online auctions are delightfully changing the fabric of what and how art went to collectors forever.
Online Auctions - A new found reality
One cant possibly deny the towering influence of technology that keeps the world connected today. Given the trying times, harnessing the same has become more important than ever for every single industry. When you put that in perspective of hosting an online auction, it turns out to be a win-win situation for everyone.
Sure, one can’t beat the essence of a traditional auction. However, you can always replicate the same and add in a bit of extra to spice things up.
That is exactly what an online auction aims to deliver. Apart from the traditional line of things that includes the usual;-bringing together the art pieces, reviewing, rounding up prospective line of buyers, and the final sale to take place, the momentum lay in its offering. All prestigious items marked for sale are exhibited online where your regular web browsing experience is transformed into an exciting catalogue of items to choose from. With social media ruling the roost, one can never miss out on any online auction as updates come dropping in and gets automatically saved in your calendar, right beside your meetings, appointments and other tasks. If you have ever complained about missing on private viewings due to scope or lack of time, an online auction will definitely bring delight to your table like never before. Also, not to forget high end synchronization of your inputs and privacy of transactions that one is generally worried about.
Virtual sales topping the charts for good
A majority of sales took the online route in March alone, as major auction events were called off. Interestingly, the virtual sales saw an increased number of participation and sale of artworks subsequently.
A large number of them were from young and first time buyers who would choose to opt for a physical auction anyway for quite a few reasons. However, with the online auction in place , the geographical limitations are blurred which makes it even more accessible to any prospects. Reportedly ,a large chunk of the sales consisted of affordable range which is quite a natural pick for any first time buyer from an auction. Even auction giants Christie’s and Sotheby’s both reported their online auctions from march showed a large number of new clients compared to regular ones.
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