Virtual space boosts online art auctions amid COVID-19 pandemic

NEW DELHI

There is never a bad time to buy art or sell it, even if the economy is floundering and even during the pandemic.

The long-held view that the art market remains steady in the rockiest of times has been borne out with the COVID-19 forced lockdown speeding up the shift to online sales and several auction houses reporting that business is as good if not better than earlier with more high-value art being sold.

Leading global, and Indian auction houses, told PTI that the number of online auctions held in 2020 has gone up, showing the increased popularity of bidding over the internet while keeping the significance of physical auctions unchanged.

According to London-headquartered Christie’s, the interest in important and unique works of art has historically never been a casualty in times of economic crisis, and the COVID-19 pandemic that led to a slowdown across the world has been no different.

Collectors remain active even at the most unusual times as they are constantly seeking rare works, Christie’s India Managing Director Sonal Singh said.

The auction house held 115 auctions till August 20 this year. Of these, 100 were online and open to bidders across the world.

The sell-through rates are above 80 per cent, Singh told PTI.

Art collector and curator Arjun Sawhney, for instance, is all for selling and purchasing art on the internet.

Online auctions had already become effective and successful pre-pandemic. The pandemic has sped up selling art through the net, and that is positive.

For me, both online and offline auctions work fine. Online makes it easier to view art and take part without geographical limitations. Plus, if you are selling, the size of your audience increases exponentially in an online auction, the Delhi-based Sawhney told PTI.

Catering to collectors like Sawhney, Christie’s has sped up its digital-first strategy over the last six months. (PTI)