As Virus Tightens Grip on China, the Art World Feels the Squeeze

February 14, 2020
Business

In Hong Kong, the cancellations come after months of political protests that have convulsed the city and left much of the territory on shaky footing.

What do you need to know? Start here.

Updated Feb. 10, 2020
- What is a Coronavirus?
  It is a novel virus named for the crown-like spikes that protrude from its surface. The coronavirus can infect both animals and people, and can cause a range of respiratory illnesses from the common cold to more dangerous conditions like Severe Acute Respiratory Syndrome, or SARS.
- How contagious is the virus?
  According to preliminary research, it seems moderately infectious, similar to SARS, and is possibly transmitted through the air. Scientists have estimated that each infected person could spread it to somewhere between 1.5 and 3.5 people without effective containment measures.
- Where has the virus spread?
  The virus originated in Wuhan, China, and has sickened tens of thousands of people in China and at least two dozen other countries.
- How worried should I be?
  While the virus is a serious public health concern, the risk to most people outside China remains very low, and seasonal flu is a more immediate threat.
- Who is working to contain the virus?
  World Health Organization officials have praised China’s aggressive response to the virus by closing transportation, schools and markets. This week, a team of experts from the W.H.O. arrived in Beijing to offer assistance.
- What if I’m traveling?
  The United States and Australia are temporarily denying entry to noncitizens who recently traveled to China and several airlines have canceled flights.
- How do I keep myself and others safe?
  Washing your hands frequently is the most important thing you can do, along with staying at home when you’re sick.

Ben Brown, a gallery owner with locations in London and Hong Kong, said that his shop has made a big profit every year at Art Basel Hong Kong, and this year, that bump will disappear. But the damage will go beyond immediate sales.

“It’s the center of the artistic universe for a week, and it leads to other things during the year,” he said. “Imagine if you had to cancel the Oscars. The film world would carry on, and films would carry on either making money or losing money, but it’s a major blow.”

Galleries that had planned to exhibit at Art Basel Hong Kong were offered a refund of 75 percent of their booth fees, which run to $125,000 for the largest spaces. Besides forfeited fees and lost sales, galleries are bleeding money in other ways. Cliff Vernon, director of the contemporary division of Gander White, which ships fine art, said that there were two shipping containers currently at sea that had been on their way to Art Basel carrying pieces from five dealers. Now, the galleries will have to pay to ship it back, at a cost of about $15,000 for the return trip.

China is also critical for the movie business, a $9 billion annual market second only to North America, according to Paul Dergarabedian, a senior analyst at Comscore, a media measurement company. But with most movie theaters in the country closed, he said, that business is almost entirely on hold. Releases of “Jojo Rabbit” and “Dolittle” — a box-office bomb in the United States that desperately needs foreign sales — are among those postponed in China so far.

“There’s no question there are going to have to be footnotes as far as the box offices goes this year,” Mr. Dergarabedian said. “The longer this goes on, the bigger an issue it becomes.”

Article source: https://www.nytimes.com/2020/02/13/arts/coronavirus-art-market.html?emc=rss&partner=rss