David Hockney, creator of Britain’s most expensive artwork by a living artist, is in lockdown. But he isn’t letting it get to him. From Normandy, where he is staying, the resourceful 82-year-old whipped out an iPad and “painted” a picture of bright yellow daffodils.
He called it Do Remember They Can’t Cancel The Spring. Sadly, Hockney’s latest two exhibitions in London, at the National Portrait Gallery and the Annely Juda Fine Art gallery, have not been able to escape the spread of the coronavirus. Both have been closed, as have galleries, museums and art fairs around the world.
Art Basel Hong Kong, the biggest art fair in Asia, had been due to open its doors last month. But it wasn’t cancelled entirely. Like Hockney, it and the galleries have instead embraced a convenient digital format.
Of the 242 galleries that were due to appear at Art Basel Hong Kong, 235 have taken up residence in its online viewing room instead. So many visitors piled into it in the first 20 minutes that the platform was temporarily paralysed.
But there’s no doubt the global disruption is hurting the art market, particularly the smaller players.That’s partly down to the market having expanded so quickly – from 140 international art fairs at the last financial crisis to 300 as of last year.
Exhibiting is also an expensive business. For the past few years, galleries operating below the stratospheric levels have been struggling to keep pace with the financial pressures of showing at fairs all over the world. Five-figure exhibiting fees, flights, shipping, hotels, dinners with clients and rent have led to what has become known as “fairtigue”.
The same is true of collectors. If there were fewer regional art fairs, but stronger online offerings, it could do everyone, and the environment, a favour.
While the international art fair phenomenon has become a travelling circus, there are serious collectors everywhere, particularly for contemporary art, and they do not always want to get on a plane to look at a work they may want to buy.
The majority of art fairs are for the people who live in the host city. The Dallas Art Fair and Art Brussels are two that cater to the local base of collectors. Whether they and others like them survive the shake-out remains to be seen.
But the current lockdown could also turn out to have been beneficial to the art market. An awful lot of people are, after all, sitting at home with little to do but log on. When you work from home, the state of your home takes on new importance. Not every member of this demographic will decide to fill the void with fine art, of course.
Motivational Quote Of The Day
“There’s no limit to what a man might accomplish if he doesn’t mind who takes the credit.”
Ronald Reagan
Alternative Quote Of The Day
“People say ‘I’m taking it one day at a time’. You know what? So is everybody. That’s how time works.”
Hannibal Buress
Shares We’re Buying
Leading the fight for the COVID-19 cure is RedHill Biopharma Ltd, having been one of the first biotech companies to successfully treat patients in Israel.
A patient with respiratory problems related to COVID-19 has recently been dosed with opaganib at a leading hospital there. RedHill said the treatment was administered under the Israeli Ministry of Health’s compassionate use guidelines.
More patients in that country will likely be treated soon. The drug already has been tested on 131 subjects in the United States as part of Phase 1 and Phase 2 oncology clinical trials.
Clinical data to date have demonstrated its safety and tolerability in both healthy volunteers and cancer patients.
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