Art sales have contracted by an average of 36 percent in the first half of 2020 as nearly all galleries (93 percent) had closed their premises between January and July 1 of 2020 — findings that mirror sales across luxury goods industries, according to Art Basel and UBS in its 2020 midyear survey The Impact of COVID-19 on the Gallery Sector written by renowned cultural economist Dr. Clare McAndrew, founder of Arts Economics.
Dealers reported using a range of online strategies to maintain liquidity and relationships. In the first half of 2020 online sales accounted for 37 percent of total sales, up from 10 percent in 2019. About 74 percent were regular clients of the gallery, of which 29 percent had bought offline in the past but were new to online buying in 2020. New online buyers with whom the gallery had never had personal contact accounted for an average of 26 percent of
