In any given year flowers blossoming in the garden would be a glorious if unsurprising herald of May. But of course we are not in any given year. Hence so much about life today seems perplexing, fast-evolving and jarringly new.
It is no different in the art market. One of the major auction houses held a Zoom session this week to give their views on the current market, which our colleague Jane Borthwick summarized as follows:
Online sales are healthy and growing in number. While still essential, live auctions may attract fewer attendees, while online auctions offer considerable flexibility and convenience in bidding and buying.
Digital catalogues are gradually replacing printed catalogues. The technology will only improve, making the digital experience more vivid and exciting, allowing new features like “in-the-round” viewing to simulate how an item might look in someone’s residence.
Collectors are now spending more time at home. Hence they are thinking more about such practical matters as updating appraisals, making philanthropic plans with art, and exploring new collecting opportunities.
Major estate sales are on hold for live auction. The backlog of such sales is only growing, posing new challenges to estate executors and trustees. Private sales may thus offer a timely, effective alternative.
Underpinning all of these new developments in the art market will be an increased need for trusted advisors. Ronald Varney Fine Art Advisors offers impartial expertise and guidance on every aspect of art market activity, notably appraisals, the vetting of possible acquisitions, researching market trends and arranging sales privately or at auction.
As the backlog of estate sales may grow, we continue to offer a bespoke approach to planning. Our firm has special expertise in handling large collections as well as estate property of all kinds. We welcome your queries about how we might be of assistance.