Last week, I shared some thoughts about the impact the COVID-19 outbreak and related stock market turmoil are having on the art market. It’s still very early days, but I would like to share frequent but brief updates about what we’re seeing as the situation unfolds. Of course, I can only share what we’re seeing, and my experience is not representative of the larger market. Hopefully as we all share, we can get a better sense of what’s happening in the broader art market.
Impact So Far?
The news cycle has been dominated by coverage of the COVID-19 outbreak for a little less than a month now. The stock market reached its peak on February 12, and has been on a rollercoaster ever since.
So what has the impact on Xanadu Gallery been so far? Not much, at least as far as our numbers go. January and February sales were very strong, up from last year. Almost unbelievably, sales in March, so far, are ahead of where they were this time last year.
Will Sales Remain Stable?
It’s hard to predict what will happen with sales moving forward. Art sales often require follow up, and so some of the sales we’ve been making over the last few weeks were initiated several weeks earlier. Still, over the last week, we’ve had good traffic through the gallery and strong in-gallery sales.
In reply to my post last week, Warren Keating reported a similar experience:
I anticipate that sales may begin to slow down this week. Over the weekend, updates from federal officials have become more emphatic, and closures more widespread.
I noticed a significant decrease in traffic on the roads driving in to work this morning, but we’ve already had visitors in the gallery today. Our first phone call this morning was from a client who had been in to the gallery for art walk last Thursday evening and wanted to make a purchase.
We’re very grateful to our collectors!
What are you Experiencing?
What are you seeing where you live? Have you made sales over the last week or two? Share your experiences in the comments below.
Watch for updates in the coming days.