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Current Art Market Developments in the Wake of Covid-19

Challenges and Opportunities for Commercial Art Galleries in Germany

Title: Current Art Market Developments in the Wake of Covid-19

Master's Thesis , 2021 , 59 Pages , Grade: 1,7

Autor:in: Simon Braun (Author)

Art - Arts Management
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Summary Excerpt Details

This study identifies and analyses challenges and opportunities of commercial art galleries in the German-speaking market following the Covid-19 pandemic. The sector has already been a challenging playing-field with a growing market division between big and small players, many of whom were financially dependent on art fair participations. Through Covid, many operations had to be shifted online, and the traditional reliance on personal meetings and relationships needed to be mitigated.

This thesis defines main changes to galleries’ business models and assesses the impact of Covid. Objectives further include evaluating business opportunities and trends such as regionality or sustainability. The aim is to bring clarity to the most recent developments from an academic perspective while also offering practical applicability for arts managers, specifically gallerists and art market consultants. This thesis contributes to the literature by filling a currently existing gap through assessing the impact of Covid on galleries and by presenting an analysis from a managerial perspective. To achieve the objectives, a combination of methods is used, synthesizing academic literature, quantitative market reports and qualitative interviews with sample gallerists.

Overall, the falling away of physical contacts has proven to be the core challenge for a sector heavily relying on personal relationships. Covid’s impact varied across gallery types (small, mid-size and large), depending on their cost management and on how reliant each type had been on fair participation. The general shift online offered more opportunities for smaller galleries and/or the lower-price range; crucial factors are branding, conversion and targeting newer, younger audiences. Generally, however, online sales offerings underperformed and the overall role of digitisation for galleries is overrated. With younger collectors being more accustomed to buying online, a certain generational shift is however likely to happen. In the near future, the combination between interpersonal trust and trust instilled through online branding will be a decisive factor for winning newer collectors. Trends such as regionality or sustainability are unlikely to play a stronger part in the gallery sector.

Excerpt


Inhaltsverzeichnis (Table of Contents)

  • Chapter 1: Introduction and Research Question
    • 1.1 Research Question: How will the Gallery Sector Develop?
    • 1.2 Objectives: Assessing the Current Situation and Evaluating Trends
    • 1.3. Hypotheses: Increasing Competition, Importance of Brand Value, and an Overestimation of the Digital
    • 1.4. Literature Review: Understanding the Status Quo
      • 1.4.1 Galleries' Position within the Creative Industries
      • 1.4.2 How Galleries do Business
      • 1.4.3 Key Dynamics Relevant for Galleries' Operations
      • 1.4.4 Impacts of Covid: First Prognoses
      • 1.4.5 Market Influences and Trends
      • 1.4.6 Open Questions not Covered by Current Literature
    • 1.5 Methodology: Combining Methods to Achieve a Full Picture
  • Chapter 2: Identification of Challenges and Opportunities
    • 2.1 General Recession
    • 2.2 Areas that were Especially Affected
    • 2.3 Current Challenges and their Meaning for Galleries
    • 2.4 Current Opportunities and their Meaning for Galleries
  • Chapter 3: Discussion of Developments and Potential Future Strategies
    • 3.1 Business Models: The Lasting, but Minor Role of the Digital
    • 3.2 Evaluation of the Online Space: Gallerist Perspective
    • 3.3 Evaluation of the Online Space: Client Perspective
    • 3.4 Evaluation of Trends and Expectations for Wider Sectoral Developments
    • 3.5 Depiction of Market Division Correct yet Misrepresenting Galleries' Operational Needs
    • 3.6 The Art Fair Dilemma as a Main Operational Challenge for Small and Mid-size Galleries
    • 3.7 Conclusion: Overvaluation of the Digital

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This thesis examines the challenges and opportunities facing commercial art galleries in the German-speaking market in the wake of the Covid-19 pandemic. The study aims to understand how galleries have adapted to the changing landscape, analyze the impact of digitization on their business models, and identify potential future trends.

  • The impact of Covid-19 on the German art gallery sector
  • The role of digitization in gallery operations and its potential influence on future business models
  • The changing dynamics of the art market, including the division between large and small galleries
  • The significance of art fairs and their impact on gallery revenue and operations
  • The challenges and opportunities for galleries in a post-Covid world

Zusammenfassung der Kapitel (Chapter Summaries)

Chapter 1 introduces the research question and outlines the objectives of the study, which is to analyze the impact of Covid-19 on the German art gallery sector. The chapter also reviews relevant literature, highlighting the existing research on the gallery market, key industry dynamics, and the initial predictions regarding Covid-19's impact on the art world.

Chapter 2 identifies the specific challenges and opportunities that arose from the pandemic for art galleries. It examines the impact of the general recession, the areas most affected by the pandemic, and the specific challenges and opportunities faced by galleries in the German market.

Chapter 3 delves into the discussion of developments and potential future strategies for art galleries. It examines the lasting role of the digital in gallery business models, evaluates the online space from both the gallerist and client perspectives, and analyzes wider sectoral trends. The chapter also explores the art fair dilemma and its impact on small and medium-sized galleries.

Schlüsselwörter (Keywords)

The study's primary focus areas are the commercial art gallery sector, the Covid-19 pandemic, digitization, business models, art fairs, and the German art market. Other key concepts include the division between large and small galleries, the role of personal relationships, and the impact of online sales on gallery revenue.

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Details

Title
Current Art Market Developments in the Wake of Covid-19
Subtitle
Challenges and Opportunities for Commercial Art Galleries in Germany
College
University College Dublin  (School of Art History & Cultural Policy)
Course
Cultural Policy & Arts Management
Grade
1,7
Author
Simon Braun (Author)
Publication Year
2021
Pages
59
Catalog Number
V1181592
ISBN (PDF)
9783346604590
ISBN (Book)
9783346604606
Language
English
Tags
Art sector art galleries art market trends future developments galleries art cultural management
Product Safety
GRIN Publishing GmbH
Quote paper
Simon Braun (Author), 2021, Current Art Market Developments in the Wake of Covid-19, Munich, GRIN Verlag, https://www.grin.com/document/1181592
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