Galleries worldwide face 70% income crash due to coronavirus

Galleries around the world are expecting to lose an average of 72% of their annual revenue due to the Covid-19 pandemic, according to a new survey by The Art Newspaper and the economist Rachel Pownall, a professor of finance at the University of Maastricht. However, dealers’ outlooks vary from region to region: those in the UK have the bleakest view, forecasting the highest drop in their financial activity (79%), followed by Asia (77%), North America (71%) and the rest of Europe (66%). The survey, carried out between 10 and 20 April when much of the world was under lockdown, tracked the impact of the pandemic on 236 international art and antiques dealers and galleries.

Around a third of galleries globally (33.9%) do not expect to survive the crisis, the survey also found. Emphasising the vulnerability of smaller businesses, dealerships with 5-9 employees reported the lowest likely chance of survival (62%), while larger galleries with more than ten employees were more optimistic, with three-quarters expecting to weather the crisis.
Courtesy of The Art Newspaper
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Art to inspire your week…

We invite you to enjoy the chosen art works presented and hope that they will add some creative inspiration for your week ahead.

If you are tempted to make these beautiful works part of your life please contact us directly and we’ll make this happen for you.

Whether in isolation or working on the front line please take care and stay safe.

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Why Galleries and Regional Fairs may recover fastest from the Global shutdown

On Thursday, Neil Irwin of the New York Times opined that the lockdown era could accelerate the momentum toward economic nationalism and regional self-reliance that has been building around the world since the 2008 financial crisis. And I suspect that the factors powering the shift away from globalism will influence how the eventual resurrection of the art industry plays out, too.

The core of Irwin’s argument seems borderline-indisputable as the US enters its second month of stay-at-home life. Disruptions in the international supply chain for a variety of goods, from medical equipment to toilet paper, have cast a harsh light on how vulnerable individual countries and regions have become thanks to the logistics of globalization. After all, in Irwin’s words, globalization is a system “in which companies can move production wherever it’s most efficient, people can hop on a plane and go nearly anywhere, and money can flow to wherever it will be put to its highest use.”How naive does any single one of those expectations sound in the age of social distancing, let alone all three bear-hugging each other into an inseparable unit?

The longer the shutdown lasts, the more nervous people are likely to be about re-entering the world, too. And despite the art market’s stated intentions to re-emerge from hibernation in September—a month now crammed so full of events that the schedule looks like a misprint—I’m increasingly of the opinion that 2020 as a whole is over for art fairs and other crowd-dependent art-market events. 

An art market justifiably paranoid about frequent international travel is an art market incentivized to fracture into regional and local interests. Short distances won’t just be advantageous on the other side of this mess because of convenience. They’ll also appeal because of the greater protection they afford. It’s the same calculus driving distributors in so many other industries to consider restructuring from largely global supply chains to ones centered closer to their actual end consumers.

For collectors, then, the question should ultimately become: Where can I see and buy art after the relative safety of a car ride rather than the high anxiety of a commercial flight?
Courtesy of Artnet News
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Art to inspire your week…

We invite you to enjoy the chosen art works presented and hope that they will add some creative inspiration for your week ahead.

If you are tempted to make these beautiful works part of your life please contact us directly and we’ll make this happen for you.

Whether in isolation or working on the front line please take care and stay safe.

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Banksy – “My wife hates it when I work from home”

Even Banksy, the anonymous street artist, is working from home these days and, like us, he’s getting a little stir crazy.

The graffiti bandit posted a new interior artwork to his website and Instagram account on Wednesday afternoon, adding a bit of levity to the tragic news cycle of recent weeks.

The new work is a domestic scene run amok—one that may resonate with the many households with homebound children, spouses, roommates, and pets. Cheekily titled My wife hates it when I work from home, the work shows a bathroom upended by stenciled rodents, scampering and careening off the fixtures.
Courtesy of Artnet News
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