How online sales cushioned coronavirus’ blow to Middle East art markets

How online sales cushioned coronavirus’ blow to Middle East art markets

DUBAI: Creative industries the world over have suffered under COVID-19 containment measures, which have led to event cancellations and loss of income for artists and venues. Although community-based initiatives in the Middle East have helped art-world professionals weather the worst of the pandemic's financial blows, the art market itself has been forced to adapt to strange new circumstances.

The global art market, which has an annual worth of $64.1 billion according to Swiss multinational investment bank UBS, had been growing steadily in recent years until the coronavirus outbreak forced galleries to close, stopping sales and exhibitions, and ate into the spending power of collectors.

Indeed, according to "The Impact of COVID-19 on the Gallery Sector“ report published by UBS and Art Basel, which surveyed 795 galleries and 360 collectors from the US, UK and Hong Kong, the pandemic cut modern and contemporary gallery sales by 36 percent, with a median decline of 43 percent compared with the first six months of 2019.

With restrictions on movement and lockdowns forcing the closure of their venues, gallerists were forced to come up with new ways to sell their art and promote their artists, including virtual fairs. (Supplied)

The smallest galleries, with a turnover of less than