As we begin to see the end of the health and economic crisis tunnel, indicators confirm several signals suggested: the resilience of the art market in general and galleries in particular.
The latter's turnover had fallen by only 20% in 2020, a lesser evil considering the violence of the crisis.
With the deconfinement, galleries have regained some of the losses.
Art Basel / UBS reports a turnover up 18% in Asia and 15% in the United States between the first half of 202O and that 2021.
At least three reasons explain this resilience. 1/ the rich have not suffered from the crisis; those with financial assets (excluding real estate and professional assets) exceeding $ 1 million were able to increase their purchase of works of art by 42% (median of purchases) compared to 2019 (before the crisis). 2/ the rise of digital transactions, measured by the channel's weight in the turnover of the galleries: 37%. Wealthy millennials (aged 25-35) buy a painting on Instagram as easily as they do pizza on Uber Eats. 3/ the digital channel makes it possible to find new customers (38% of "digital" buyers are new prospects ). However, online purchases cost practically nothing, in any case significantly less than sales at fairs, so that, thanks to lower costs, galleries have been able to cushion the crisis. The fairs are back this fall, more than usual even with the postponement of the spring editions. This is the opportunity for galleries to bounce back faster, because it is very likely that online sales will continue to prosper, thus adding to sales at fairs, which before the crisis represented a significant share of sales by galleries. But miracles should not be expected immediately because of the restrictions on movement between countries. If there is one country that is impatiently awaiting the reopening of the fairs, it is France, where galleries are struggling. Handicapped by their closure for two months in spring 2021, they show a 6% drop in turnover, like everywhere in Europe. This average figure hides disparities: the most "shopping" galleries, which have kept a close link with their customers since March 2020, are doing better than the discovery galleries. Resilience is not the same for everyone. Le Journal des arts, article by Jean-Christophe Castelain
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