The world's biggest art fair is keen to welcome back its art-hungry collectors, while it also champions new formats.
When Art Basel opens its doors later this month, it will also host online viewings which connect its galleries and artists to art enthusiasts. This could be a comfortable option for those traveling from overseas, who don't hold a Swiss or European COVID-19 certificate as they face the additional hurdle of being tested onsite.
According to UBS' and Art Basel's joint review, collectors' enthusiasm to attend events physically has bounced back to pre-covid levels. Parallel to this, the industry's online sales has accounted for more than one third of overall sales so far this year.
Hybrid Modus Operandi
Online dealers reported that they increased sales to first-time buyers as well as being able to attract existing clients to their digital platforms.
More than a half of the dealers surveyed in the review reported an increase in sales for the first half of 2021. Particularly dealers in Asia were able to recover sales, while their colleagues in Europe still face a challenging market.
