Outlook On Luxury: Can Virtual Sales Hold Up The Market?

THE MIGRATION OF art onto the digital realm has accelerated spectacularly, as art fairs are forced to cancel and galleries hastily launch online "viewing rooms" in lieu of actual exhibitions. On the ground, artists have never had to hustle harder, taking their art to social media and engaging their followers through Instagram Live Q&As and behind-the-scenes videos.

Despite reports of widespread job losses, auction houses report roaring online business. Bored, rich people are bidding for art, jewellery and other luxury goods online as a means of staying optimistic, as they wait for global lockdowns to be lifted and normal delivery services to resume, so they can receive their post-lockdown celebration goodies.

Phillips auction house, for instance, saw new account creations increase by 127 per cent in April 2020, compared to the same period in 2019. Its March online art sale in New York achieved a 52 percent rise from the previous year and set new auction records for many artists such as Noah Davis, Yoan Capote and Leonardo Drew.