Download
How virtual auctions are driving record art sales amid the pandemic
Jemima Walker
Europe;UK
02:50

 

It's said the art market experiences a crisis every 10 years. 

You might imagine the pandemic has been the most demanding crisis yet, as it grounds planes, closes art galleries and drains the wallets of millions of people around the world.

However, the European president of the esteemed auction house Christie's says sales are continuing to soar and sales are "breaking records weekly." 

Dirk Boll told CGTN Europe that unlike in other financial crises, people have still been putting their hands in their pockets during the pandemic, and it's "left the money in the hands of private clients." 

This week, a Vincent Van Gogh painting, which had been locked behind closed doors for more than 100 years, sold for just over $15m at a Sotheby's auction, proving collectors are still willing to pay large sums for art. 

 

READ MORE

Eight fruit, vegetables & herbs vs COVID-19

The missing 40 years in virus origin search

The Hungarian doctor still working at 97

 

Art sales are continuing to soar, despite the ongoing pandemic as technology allows consumers to browse collections from their homes. /AFP/Sotheby's auction house.

Art sales are continuing to soar, despite the ongoing pandemic as technology allows consumers to browse collections from their homes. /AFP/Sotheby's auction house.

 

Boll says the golden ticket has been changing the company's business model. "About half of what we are now offering is offered online, is reaching out to a much wider audience. We have gained a huge number of new clients, younger clients, and we have done exceptional sales."

Despite the online viewings boosting sales, some collectors feel reluctant about purchasing an artwork they haven't seen up close. While Boll acknowledges there's no substitute for seeing a painting in real life, he says it's convenient for prospective buyers who don't live in major cities.

"When you live in London or in Paris or New York or Hong Kong, it's easy to feel that way. But when you live six hours in a plane, apart from one of these places, you might actually get used to looking at art online."

As is the case with many sectors, new technology is improving the virtual experience of looking at art. "You can have an 800 percent zoom function," says Boll. "And a 300 degree camera that drives around a sculpture."

Search Trends