World of Art at risk: the damage caused by the lockdown in the Deloitte Report.
Ineffective digitization, market in crisis and scarce presence of qualified personnel: this is what emerges from the recent report published by Deloitte.
Yesterday the first edition of “The state of the art. A photograph of the Art & Finance sector at the time of Covid-19” was presented by the Deloitte experts
Ernesto Lanzillo – Deloitte Private Leader, Barbara Tagliaferri – Art & Finance Coordinator for Deloitte Italy and Pietro Ripa – Private Banker Fideuram addressed the results of the report, the result of a survey conducted in the last 2 months, involving over 1,000 stakeholders – artists, collectors , operators, academics and art lovers – and shows a disturbing photograph of the current artistic landscape.
Research and innovation in the digital field
Despite the significant increase in initiatives and digital communication strategies to make up for the lack of the physical, the digital race is not over for the world of art. In fact, 31% of respondents confirm the low effectiveness of the digital tools made available, both in terms of use (used by 65% of stakeholders) and for the purchase of works of art (3.5%).
Of course, the world of art has taken a step forward in the digitization process, but it is only at the beginning!
Market and use of art
The data speak for themselves: the world of art is in deep crisis
In fact, auction houses recorded a 60% drop in turnover in the first half of 2020, also considering online and hybrid auctions (half live and half streaming). Art galleries, as the report produced by Art Basel in collaboration with UBS shows, have lost 36% of collections compared to the same period in 2019, with the smaller galleries dropping up to 50%.
Professional figures and skills for the art market of tomorrow
With the advent of digital, it clearly emerged that the art system needs new professional skills and therefore new “hybrid” figures, capable of encouraging, even in times of crisis, the development of strategies suitable for the survival of the market.
It is therefore difficult to look at a quick revival of the art system.
However, platforms capable of responding to the requests of museums, galleries, artists and collectors to improve the future of art through the use of new technologies and networking between professionals with specific skills are increasing.
Among these Art Rights, a platform that allows you to manage and certify works of art, which, among others, includes the Art Concierge service, thanks to which you will have the largest community of art professionals able to support you. at any time and for any situation.
And you, what do you think of the “State of the Art” that emerged from the Deloitte report?
Photo credits: Deloitte
