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Many artists are joining schemes to promote and sell their works on social networks, and in particular on Instagram. Image: IStock / FluxFactory via AFP Relaxnews.
Many artists are joining schemes to promote and sell their works on social media, and in particular on Instagram. Image: IStock / FluxFactory via AFP Relaxnews.
How can artists sell works at a time when art fairs are canceled and galleries are often empty? This question, raised primarily in relation to the COVID-19 pandemic, is driving the pace of innovation in the art market. In an attempt to sell their works, many artists have turned to social media to get in touch with collectors, who are increasingly likely to buy art online.
According to a recent survey by the Swiss bank UBS and the organizers of Art Basel, the majority of art collectors or 59% report that the health crisis has increased their interest in collecting. This trend was even more pronounced among millennials, who are less likely than their elders to resist the idea of spending large sums online.
Encouraged by this development, many artists are now looking to promote and sell their works on social media, particularly on Instagram.
One notable case is that of British artist Matthew Burrows, who, in March this year, launched the #ArtistSupportPledge initiative to encourage his peers to participate in a collaborative ecosystem.
The idea of the Burrows initiative is quite simple. Artists post images of works they are willing to sell for no more than 200 pounds (about $ 255 or roughly P12,300) on Instagram. If they make 1,000 pounds (around $ 1,200 or around P62,600) in sales through the scheme, they commit to buying a work from another participating artist.
This virtuous cycle has proven very successful, according to Burrows, who told The Art Newspaper that the initiative had generated close to 60 million pounds (about $ 77 million or P4.1 billion), with online sales of 371,000. plays.
Is Instagram a greenhouse for emerging artists?
While some artists are currently turning to social media in response to the health crisis, others are already well established on Instagram, where they have a loyal following of customers.
British painter Sophie Tea claimed in 2019 to have made a million pounds (about $ 1.2 million or P62.6 million from a series of colored nudes sold exclusively on Instagram.
The same goes for Australian artist CJ Hendry, whose ultra-realistic drawings are viewed by 524,000 followers, including Kanye West. The American rapper himself reportedly bought a drawing featuring his face on a $ 100 bill for an undisclosed sum.
“In the past, artists had to wait for a gallery to do their show and people couldn’t just see their work. They had to come to the exhibition when the gallery allowed it. Now, you can show people what you want anytime you want, ”Hendry explained to CNN.
Counterattack of galleries and auction houses
In response to the boom in online art sales, galleries and auction houses are taking steps to reach collectors on the Internet.
According to a recent study by Artnet News, Christie’s, Sotheby’s and Phillips have held more than 130 online auctions in the last six months, double the number in the same period last year. So far these have generated sales of $ 190 million (approximately P9.2 billion).
“There were more collectors who bid this season without seeing the work in person and said they would never do that than I would have expected,” said David Galperin, a contemporary art specialist at Sotheby’s.
A similar rise in internet revenue has been reported by art galleries such as Gagosian, David Zwirner, and Hauser & Wirth, which have managed to organize six-figure online sales despite the pandemic.
When Jeff Koons’ sculpture “Balloon Venus Lespugue (Red)” was purchased for the sum of $ 8 million (about P388 million) last June, it became the most expensive work ever sold online by the David Gallery. Zwirner.
It’s safe to assume that with record prices like these, galleries and auction houses will remain eager to build their Internet presence and income. DC
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