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Art market: Predictions for 2021 – Financial Times

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4 years ago

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If 2020 has taught us anything, it is that there is no such thing as a predictable year. But as we all try to make sense of a changed world here is a stab at how the art market’s slowdown in sales, drought of fairs and mass move online will play out over the next 12 months.

Art market sales in 2020 look to have fallen by at least a third across the industry, with galleries bearing the brunt. The key to 2021 will be whether art fairs bounce back. In 2019 these high-octane, temporary events accounted for an average 45 per cent of gallery sales. Come 2020, they were decimated.

Predicting when these global gatherings will come back is a Sisyphean task — they seem permanently to be about six months away. Some, such as Art Dubai, are sticking to their knitting and plan to open in their usual March slot. The more popular timing for a return comes a bit later in the spring, with the postponed Art Basel Hong Kong and Tefaf Maastricht kicking off the calendar in May.

Both fair organisers offered digital alternatives in 2020 with online viewing rooms, but it seems telling that this isn’t the preferred route going into the new year. While these vastly improved websites will continue to support such events and were better than nothing in 2020, they have run their course in their current forms.

Frieze Los Angeles’s VIP opening in February © Casey Kelbaugh

The question is whether springtime is too soon for a full-scale fair — and my prediction is that it is. How and when vaccines are rolled out is still unclear and it seems unlikely to me that we will all be jumping on planes once a week again by then, if ever. There’s a valid view that fairs simply won’t come back the way they were, having already proved too time-consuming and costly for many even before the pandemic. As in other industries, most of the art market has been working from home, or at least from our hometowns, and we’ve found alternative ways of doing business.

Collectors say that the time not rushing around has helped them deepen their knowledge of art and appreciate it more when they do see works in-person, while gallerists have had the headspace to think more strategically about their businesses and the shows they want to put on. And we’ve all helped the planet to boot.

But dealers need to sell art and living artists in particular need them to do so too. Fair organisers who have realised that there is an area between the two poles of a large-scale event and a website are on to something. In 2020, fairs such as Copenhagen’s Chart and Nada Miami experimented with a multi-venue approach, under the umbrella of their brands. These are still temporary shows, so can generate excitement and the possibility of affiliated events, but are hosted through the individual galleries in their respective cities.

Fairs that are already committed to this format in 2021 include the Brafa fair for pre-contemporary art, which is normally held in Brussels but this year has its 126 exhibitors show individually in 37 cities (previews from January 27). Its website will be a back-up resource with all the works on offer in one place. Frieze Los Angeles plans a similar approach in July when it will spread galleries through architecturally significant buildings — though the logistics of getting around LA in high summer might make this a harder sell.

Artwork by Sif Itona Westerberg at Gether Contemporary in Denmark © Niklas Vindelev

On the local level, it will become difficult to differentiate between such events and the existing gallery weekends or art weeks, but boundaries have been blurring for some time across all areas of the art market and it will be a case of survival of the fittest. The fairs will just have to prove that their brands, networks and organisational strengths are additive — which at this stage seems plausible.

Auction houses seemed to adapt more readily to virtual business in 2020, but their management also acknowledge that it is the real-life, event-based sales that really bring in the goods. I would expect many more auctions to be conducted online and via the new livestream technology than in 2019 — not least because management has invested considerably in some high-tech solutions. But where possible, and certainly for the higher-value items, the auction houses will try to bring back the in-person excitement. “We don’t want a future where everything in the art market goes online,” says Guillaume Cerutti, chief executive of Christie’s.

Activity-wise, optimists say supply will return, partly because discretionary sellers have been sitting on their hands for the best part of a year already — though pessimists are concerned that there will be more forced sellers, pushing values down and undermining market confidence.

The opening of Frieze Los Angeles in Paramount Pictures Studios, Hollywood © Casey Kelbaugh

Some decent consignments are already in the bag, mind — Christie’s has three major surrealist paintings to offer in March with a combined estimate of £32m. Plus, if we put the thorny issue of Brexit and its many unknowns to one side, global political uncertainties that impact the art market are generally reduced in 2021, now that the divisive US election has almost concluded.

Cerutti notes that the forced move online has brought in a new generation of buyers. At time of writing, Christie’s reported that 40 per cent of its buyers had come on stream since March 2020, of which 32 per cent were millennials. Buyers in Asia have proved particularly active and here, too, it’s about a younger generation, buying between $50,000 and $500,000.

Most of these have come to the art market via luxury goods, says Ben Clark of the art adviser Gurr Johns, another area that will continue to expand into the fine art world. To my mind, the stumbling block in Asia remains China’s increasing crackdown on freedoms, including now in Hong Kong, though on this front I would expect the art market to continue to turn a blind eye in the short term.

There has been considerable noise about art market disruption forced by the pandemic. Hopefully, some of the more inventive collaborations will continue. Initiatives such as augmented and virtual realities will keep testing appetites, while existing non-industry platforms such as Instagram will keep discovery alive.

There are some good ideas on the slate — including a fair-plus-auction event through a new platform called South South — but it will be a while before any feelgood factor really takes hold. This will prove more a year of rehabilitation than rip-roaring recovery.

Listen to our podcast, Culture Call, where FT editors and special guests discuss life and art in the time of coronavirus. Subscribe on Apple, Spotify, or wherever you listen

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Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork

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2 hours ago

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September 13, 2024

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In a case that has sent shockwaves through the Vancouver Island art community, a local art dealer has been charged with one count of fraud over $5,000. Calvin Lucyshyn, the former operator of the now-closed Winchester Galleries in Oak Bay, faces the charge after police seized hundreds of artworks, valued in the tens of millions of dollars, from various storage sites in the Greater Victoria area.

Alleged Fraud Scheme

Police allege that Lucyshyn had been taking valuable art from members of the public under the guise of appraising or consigning the pieces for sale, only to cut off all communication with the owners. This investigation began in April 2022, when police received a complaint from an individual who had provided four paintings to Lucyshyn, including three works by renowned British Columbia artist Emily Carr, and had not received any updates on their sale.

Further investigation by the Saanich Police Department revealed that this was not an isolated incident. Detectives found other alleged victims who had similar experiences with Winchester Galleries, leading police to execute search warrants at three separate storage locations across Greater Victoria.

Massive Seizure of Artworks

In what has become one of the largest art fraud investigations in recent Canadian history, authorities seized approximately 1,100 pieces of art, including more than 600 pieces from a storage site in Saanich, over 300 in Langford, and more than 100 in Oak Bay. Some of the more valuable pieces, according to police, were estimated to be worth $85,000 each.

Lucyshyn was arrested on April 21, 2022, but was later released from custody. In May 2024, a fraud charge was formally laid against him.

Artwork Returned, but Some Remain Unclaimed

In a statement released on Monday, the Saanich Police Department confirmed that 1,050 of the seized artworks have been returned to their rightful owners. However, several pieces remain unclaimed, and police continue their efforts to track down the owners of these works.

Court Proceedings Ongoing

The criminal charge against Lucyshyn has not yet been tested in court, and he has publicly stated his intention to defend himself against any pending allegations. His next court appearance is scheduled for September 10, 2024.

Impact on the Local Art Community

The news of Lucyshyn’s alleged fraud has deeply affected Vancouver Island’s art community, particularly collectors, galleries, and artists who may have been impacted by the gallery’s operations. With high-value pieces from artists like Emily Carr involved, the case underscores the vulnerabilities that can exist in art transactions.

For many art collectors, the investigation has raised concerns about the potential for fraud in the art world, particularly when it comes to dealing with private galleries and dealers. The seizure of such a vast collection of artworks has also led to questions about the management and oversight of valuable art pieces, as well as the importance of transparency and trust in the industry.

As the case continues to unfold in court, it will likely serve as a cautionary tale for collectors and galleries alike, highlighting the need for due diligence in the sale and appraisal of high-value artworks.

While much of the seized artwork has been returned, the full scale of the alleged fraud is still being unraveled. Lucyshyn’s upcoming court appearances will be closely watched, not only by the legal community but also by the wider art world, as it navigates the fallout from one of Canada’s most significant art fraud cases in recent memory.

Art collectors and individuals who believe they may have been affected by this case are encouraged to contact the Saanich Police Department to inquire about any unclaimed pieces. Additionally, the case serves as a reminder for anyone involved in high-value art transactions to work with reputable dealers and to keep thorough documentation of all transactions.

As with any investment, whether in art or other ventures, it is crucial to be cautious and informed. Art fraud can devastate personal collections and finances, but by taking steps to verify authenticity, provenance, and the reputation of dealers, collectors can help safeguard their valuable pieces.

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Ukrainian sells art in Essex while stuck in a warzone – BBC.com

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2 weeks ago

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September 2, 2024

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Ukrainian sells art in Essex while stuck in a warzone  BBC.com

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Somerset House Fire: Courtauld Gallery Reopens, Rest of Landmark Closed

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4 weeks ago

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August 18, 2024

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The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”

On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.

Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”

The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.

Blaze in the West Wing

The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.

About Somerset House

Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.

Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.

Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.

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