34466 March 2020: What data tells us about the Impact of Covid-19 on the art market : One Art Nation: Online Art Education for Collectors & Professionals
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March 2020: What data tells us about the Impact of Covid-19 on the art market
Speaker(s): Christine Bourron

March 2020: What data tells us about the Impact of Covid-19 on the art market

Pi-eX analyses historical auction sales trends to understand the impact Covid-19 has been having on the art market as of end of March 2020.

Talk Details

In this webinar, Founder Christine Bourron answers the critical questions:

  • What trade data is available in the art market?
  • What was the state of the art market before Covid-19?
  • What impact has Covid-19 had on the market as of end of March 2020?
  • What is next for the art market?

Additional Resources:

   

Speaker Details

Christine Bourron

Christine Bourron is the CEO of Pi-eX. Founded in 2014, Pi-eX is a London based, FCA regulated, financial broker dealer, focusing on Fine Art market research and Fine Art‐based financial instruments. Pi-eX’s mission is to help art stakeholders better understand and manage risk and volatility in the fine art market. As a financial advisor, Pi-eX offers primary research as well as innovative analytical and financial tools to art collectors, dealers and investors.

Pi-eX was shortlisted by the Financial Innovation Award for Best Data Innovation in 2017 and for Best Financial Start‐ Up in 2018.

Over the past 20 years, Christine made a career of starting innovative businesses in changing markets. She started in 1998 PaintingsDIRECT.com, the first online art gallery in New York offering original artworks by more than 500 contemporary artists and in 2006 the first landscape design bureau in Moscow, Russia providing High Net Worth Individuals with turnkey solutions for the creation of large parks.

Before starting her first business, Christine worked for Corporate Decisions, a strategy consulting firm in Boston, US, Apple Computer in Kiev, Ukraine and Procter & Gamble in Paris, France.

Christine has a dual MBA/MA degree from the Wharton School and The Lauder Institute, School of Arts and Sciences, at the University of Pennsylvania, USA. She attained her Bachelor of Arts degree with a specialization in Finance from ESCP Europe, Paris France in 1990.

Christine is a Board Member of the Professional Advisors to the International Art Market (PAIAM) and a member of the Chartered Institute for Securities & Investment (CISI).

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10 Comments on "March 2020: What data tells us about the Impact of Covid-19 on the art market"


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M. J.
Member
M. J.
29 days 59 minutes ago

Most recently, there is a natural focus on online sales. Do you think online efforts will continue at this scale after auction houses’ physical locations reopen to the public?

Christine Bourron
Member
Christine Bourron
28 days 23 hours ago
I think online sales will never replace Live sales so when the time comes for physical locations to reopen to the public the focus on online sales will surely decrease. That said, while online sales cannot replace Live sales, they are certainly complementary to Live sales. In this time of crisis, auctions houses have an opportunity to ramp up and improve their platforms for online sales. Through this process, they will hopefully learn a lot and some of this learning will impact the format of future online sales and even Live sales. I could, for example, imagine a new format… Read more »
Heather McDermott
Member
Heather McDermott
29 days 29 minutes ago

Based on auction results the last few months, which segments are doing well during this crisis and which are sinking?

Christine Bourron
Member
Christine Bourron
28 days 23 hours ago

At this time, it has just been over a month and a half since physical locations were forced to close and auction houses could only arrange online auctions. It is therefore still a bit early to answer your question. It is however already clear that segments with lower price points lots (like watches, jewelry, wines, etc) are performing better online than segments with higher price points lots (like Fine art)

A. D.
Member
A. D.
28 days 23 hours ago

If art fairs are cancelled through 2020, how will this impact the art market?

Christine Bourron
Member
Christine Bourron
28 days 23 hours ago

Over the past decade, Art fairs have given the opportunity for many art stakeholders to network with their peers and promote their offerings to the broader market. Under the scenario that art fairs are canceled through 2020, it is very likely that a large part of the networking and promotion activities will move online as we already can observe with virtual fairs and online viewing rooms. If and when art fairs resume, the additional virtual experiences will certainly affect the future formats of art fairs.

Kathryn Nella
Member
Kathryn Nella
28 days 22 hours ago

What art businesses will be most impacted by the pandemic and will they rebound?

Christine Bourron
Member
Christine Bourron
28 days 17 hours ago
This is an interesting question, but I think it is again still a bit early to get a sense of which types of art businesses will be most impacted by the pandemic. In general however, I think that the art businesses that will be most impacted by the pandemic will be the ones which will have failed to recognize early enough that Covid-19 will have a long lasting impact on the art market. On the contrary, the art businesses that will rebound and thrive in the future will be the ones which were able to adapt to the new reality… Read more »
Peter Tracie
Member
Peter Tracie
28 days 21 hours ago

In light of Covid-19, what is the main tip you would offer collectors to safeguard their art property?

Christine Bourron
Member
Christine Bourron
28 days 17 hours ago

The Covid-19 global pandemic is challenging and impacting many aspects of the art market. The art market has historically been a rather stable and slow moving market but in these times of extreme disruption, I would advise all collectors to talk to as many experts as possible and do their homework in order to understand how the current crisis may affect their collection today and in the future.

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