Fine Art goes online: the (virtual) reality of COVID-19 and the changing face of the fine art markets

We wrote earlier about the COVID-19 shutdown threat to gallery solvency, and possible creditor claims to works on consignment.

Now two months into confinement, the threat to galleries is real with a quarter of Los Angeles fine art galleries responding to the Los Angeles Times April 20, 2020 Fine Art Gallery Survey that they would face permanent closure in 2020 “…if the situation doesn’t improve quickly…” A further five of the thirty-five galleries see closure as a possibility.

An April 8, 2020 Comité Professionnel des Galeries d’Art press release warns that one-third of French galleries “…may not succeed in maintaining their activity in the second half of 2020…”, and that “…[t]his shows that the sector requires a strong recovery plan, significant market support from collectors, and a preserved ecosystem…”.

The question of how that ecosystem, both here and overseas, would be preserved was met with quick dealer response. Read the full article here.

Sam Miller, Rimon Corporate Partner, advises clients in acquisitions and disposals, corporate finance, corporate and partnership structuring and shareholder, operating and buy-sell agreements, general corporate matters, supply, distribution, consignment and inventory management arrangements, and other commercial transactions. He has extensive experience in the metals and transportation industries as well as with technology start-ups, particularly token-driven blockchain businesses, and also advises clients active in the fine art markets. Sam is licensed in California, England and Wales, and South Africa, with specific expertise in all three jurisdictions. He is adept in helping his clients navigate the intricacies of cross-border business and inward investment. Sam has advised clients in a range of countries, including England, Spain, France, Turkey, Lithuania, Latvia, United Arab Emirates, Israel, South Africa, Hong Kong, South Korea, and the United States. Read more.

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