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Article

How Has COVID-19 Affected the Public Auction Market?

Pi-eX Ltd., London W8 6BH, UK
Academic Editor: Elena Sidorova
Arts 2021, 10(4), 74; https://doi.org/10.3390/arts10040074
Received: 15 September 2021 / Revised: 25 October 2021 / Accepted: 27 October 2021 / Published: 1 November 2021
(This article belongs to the Special Issue Global Art Market in the Aftermath of COVID-19)
The day of the last live auction at Sotheby’s in the spring of 2020 was on 19 March 2020 as multiple coronavirus lockdowns forced auction rooms to close worldwide. In the following months, hundreds of live auctions were cancelled or postponed, and combined revenue at Christie’s, Sotheby’s, and Phillips for the second Quarter 2020 plummeted 79% year on year from USD 4.4 bn in Q2 2019 to USD 0.9 bn in Q2 2020. This article focuses on public auctions at Christie’s, Sotheby’s, and Phillips and uses primary research to demonstrate how leading auction houses responded to the unprecedented challenges posed by the COVID-19 crisis. Leveraging Pi-eX’s public auction results database and its 12-month-rolling methodology, our analysis shows (1) the surge of online only auctions while the number of live auctions plummeted; (2) the limitations of online only auctions and the rise of new opportunities; and (3) a comparison of the COVID-19 crisis with previous art market crisis in the past 15 years. View Full-Text
Keywords: art market; public auction; auction house; live auctions; online auctions; online only auctions; 2008–2009 financial crisis; 2016 crisis; COVID-19 crisis; coronavirus; NFT; non-fungible token; crypto-currency art market; public auction; auction house; live auctions; online auctions; online only auctions; 2008–2009 financial crisis; 2016 crisis; COVID-19 crisis; coronavirus; NFT; non-fungible token; crypto-currency
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MDPI and ACS Style

Bourron, C. How Has COVID-19 Affected the Public Auction Market? Arts 2021, 10, 74. https://doi.org/10.3390/arts10040074

AMA Style

Bourron C. How Has COVID-19 Affected the Public Auction Market? Arts. 2021; 10(4):74. https://doi.org/10.3390/arts10040074

Chicago/Turabian Style

Bourron, Christine. 2021. "How Has COVID-19 Affected the Public Auction Market?" Arts 10, no. 4: 74. https://doi.org/10.3390/arts10040074

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