Auction Houses Postpone Live Sales and Pivot to Online

“I’m thinking really seriously about what the online experience is for our clients,” said Amy Cappellazzo, chairwoman of the Fine Art division of Sotheby’s. “In effect, we’ve been in the live theater business. Now we’re segueing into what is more like live streaming. The truth is, that revolution has been underway for some time.”

Art market veterans agree that the pandemic has accelerated changes that were underway — an effort by auction houses to build up private and online sales; to reduce costly and cumbersome catalogs; and to develop younger, nontraditional customers.

“People who can change, adapt and innovate will be the ones best able to move forward,” said Clare McAndrew, an art economist who puts out the annual Art Basel and UBS Art Market Report. “The online segment could be a big winner here.”

Auction houses have been trying to adjust quickly, though the uncertain trajectory of the virus makes it difficult to solidify plans. The most immediate question is the spring auctions, which anchor the art market calendar, along with the fall sales in November; last May, the five-day series of sales at Sotheby’s, Christie’s and Phillips raised a combined $2 billion.

Both Christie’s and Phillips have consolidated their New York Impressionist, Modern and contemporary art sales into one week of 20th-century auctions scheduled for the end of June that will also absorb the London June sales. The Hong Kong sales have been pushed to July, though that, too, may be wishful thinking.

Article source: https://www.nytimes.com/2020/04/19/arts/design/art-auction-houses-sales-coronavirus.html