Galleries have responded positively to the cancellation of Art Basel Hong Kong by showcasing works in online viewing rooms, in what will be the art market's biggest test so far in moving sales online.
Art fairs are a central part of the global art market, so the cancellation of Art Basel Hong Kong was expected to deal a severe blow to the sector. But the traditionally online-averse industry has shown strong support for Art Basel's online viewing galleries, which were announced following the cancelation of the fair, originally scheduled for mid-March.
Some 231 galleries, which account for over 90 percent of the original exhibitor lineup, will offer over 2,000 artworks in the digital sale that is accessible through Art Basel’s website and app.
«The virtual space of a publicly accessible, timed, online exhibition is new territory,» organizers said in a statement on Thursday, calling the sale a «turning point.»
Art fair practices, such as early access for HNWIs and important collectors, will remain – the online sale will run from March 20 to 25, with preview days lasting from March 18 to the morning of March 20.
Online Market
Art is one of the few markets that has yet to face significant digital disruption, and the Covid-19 outbreak might yet push galleries and dealers to focus more of their efforts on this area.
The online art market was worth an estimated $5.9 billion in 2019, accounting for a 9-percent share of global sales by value, according to the fourth edition of the Art Basel and UBS «Global Art Market Report,» published earlier this month.
The UBS Investor Watch and Arts Economics HNW survey showed nearly half of collectors used online platforms to purchase art either often or always. Millennial collectors were the most regular users of the online channel, with only 8 percent having never bought online. Although 65 percent of HNW collectors had not exceeded a price of $50,000 online for an individual work, one quarter had spent more than $100,000 and 8 percent had spent over $1 million, double the share that had spent at that price level in 2018.
Expanded Possibilities
Apart from making the art fair more accessible to collectors globally, the online viewing rooms are ideal for dealers showcasing photographic and video works. Galleries are also using the relative intimacy and cohesion to contextualize early and unusual works by major names, organizers said.
Moving sales online also allows gallerists to showcase large-scale artworks, which are often impossible at art fairs.
Several gallerists have taken advantage of this fact and are offering ambitious and room-size installations by marquee names, such as an 8.8-meter canvas by Vivian Suter, «Circular Glass» by light artist James Turrell, a Yayoi Kusama mirror box «infinity room», and a school of floating fish by Philippe Parreno, previously showcased at the Tate Modern's Turbine Hall.
