Artnet?s Sophie Neuendorf: 8 art world predictions for 2021
Auctioneer Oliver Barker directing Sotheby’s global e-auctions. Courtesy of Sotheby’s.
As part on an ongoing monthly column for LUX, artnet?s Vice President of Strategic Partnerships Sophie Neuendorf forecasts this year’s emerging trends and evolutions in the art world
Sophie Neuendorf
We?ve just emerged from arguably the most difficult and unpredictable year in recent history. The Covid-19 pandemic caused a synchronised and deep downturn of the global economy in the first six months of 2020. Social distancing measures and a lockdown of businesses in reaction to the health crisis resulted in falling consumer demand and economic output. Skyrocketing unemployment shook consumer confidence, and companies cut back on investments in light of declining demand, supply-chain interruptions and the uncertain future. Follow LUX on Instagram:Â luxthemagazine
Amid the uncertainties and restrictions caused by the pandemic, fine art auctions plummeted in the first half of 2020. Total sales value dropped across all major regions. According to the artnet Price Database, global auction sales for fine art fell by 59% to $2.9 billion in the first half of 2020 compared to a more robust performance of $7 billion in the first six months of 2019.
Infographic courtesy of artnet
However, despite a 29% decrease in both the number of lots offered and sold at auction year-over-year, the global sell-through rate remained steady at 65% in the first half of 2020. Major auction houses piv...
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