09/09/2020 | Press release | Distributed by Public on 09/09/2020 01:05
Zurich, 09 September 2020 - Art Basel and UBS today published a 2020 mid-year survey 'The Impact of COVID-19 on the Gallery Sector' written by renowned cultural economist Dr. Clare McAndrew, Founder of Arts Economics. The survey findings present an analysis of how the COVID-19 pandemic has impacted 795 galleries operating in the Modern and contemporary gallery sector, representing 60 different markets across all levels of turnover, throughout the first six months of 2020.
In order to assess the level of collector participation and interaction with the gallery sector and art market during the first half of 2020, Arts Economics worked in collaboration with UBS to gather insights from 360 high net worth collectors across three different markets: the US, the UK, and Hong Kong SAR (China). The full report is free to download at www.ubs.com/art.
The key findings include:
Christl Novakovic, CEO of UBS Europe SE and Head Wealth Management Europe, said: 'The pandemic disrupted economies and societies, and galleries worldwide had to adapt quickly to new behaviors and realities. Our survey of high net worth collectors illustrates a continued drive to support the market, as it migrates ever faster to online platforms. Digital platforms can increase price transparency and broaden the base of new buyers at different price levels. Strengthening this digital community globally may be essential for the health of the market in the future.'
Clare McAndrew, Founder, Arts Economics said: 'The art market has often shown resilience to events in the wider economic and political environment, but the COVID-19 pandemic in 2020 has presented the market-and the gallery sector in particular-with some of its biggest challenges yet. Despite finding ways to maintain trading online, the pandemic has had and will continue to have a deep and profound effect on businesses: some galleries have already closed permanently, others have furloughed or laid off significant numbers of employees, and the effect on those that remain open is still unfolding. Along with these negative effects, crises can also be unique times of restructuring and innovation within markets. This study is a first attempt to better understand the full impact of the present COVID-19 crisis, the strategies taken in response to it, and the changes it will bring to the sector, this study intends to provide the necessary research to track trends over time and across regions of the market.'
Noah Horowitz, Director Americas, Art Basel said: 'Clare McAndrew's mid-year survey presents our industry with essential information and learnings to guide our gallery peers - and the art world at large -through a period that demands great resilience and adaptability in the face of new economic realities and consumer behaviors. These findings reflect the many and significant challenges our industry has faced through the first half of 2020, yet what is equally clear from the results of the report is the shared sense of engagement, purpose, and community that continues to define so much of the art market and remains vitally important to our future.'
In addition to the UBS and Arts Economics research collaboration on the HNW collectors survey, the report includes an economic perspective from UBS CIO; 'COVID-19 Forges Resilience and Adaptability' and latest insights on consumer behaviour during the COVID-19 crisis from UBS Evidence Lab, an alternative data provider within UBS. For the latest insights from UBS Evidence Lab, visit www.ubs.com/evidence-lab-latest-insights
UBS Group AG