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:
- Pi-eX Blog: https://pi-ex.mybigcommerce.com/blog/
- Pi-eX Quarterly Report Summary: Q1 2020 https://pi-ex.mybigcommerce.com/macro-results-at-top-3-auction-houses-worldwide-q1-2020-summary/
- Pi-eX First Quarter Reports: 2007 – 2020 https://pi-ex.mybigcommerce.com/auction-reports/annual-quarterly-monthly-reports/quarterly-reports/first-quarter/
- Pi-eX March Reports: 2007 – 2020 https://pi-ex.mybigcommerce.com/auction-reports/annual-monthly-reports/monthly-reports/march-reports/
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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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?
Based on auction results the last few months, which segments are doing well during this crisis and which are sinking?
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)
If art fairs are cancelled through 2020, how will this impact the art market?
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.
What art businesses will be most impacted by the pandemic and will they rebound?
In light of Covid-19, what is the main tip you would offer collectors to safeguard their art property?
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.