Challenge and Chance — The Impact of COVID-19 on Art Market
How does the art market navigate through COVID-19? The outburst of Covid-19 undermines the belief that one can make an absolute prediction about art market returns. From 2020 to 2021, we are facing another turnpike. The COVID-19 crisis led to stay-at-home orders and the closure of physical spaces in most megacities. The difficulty of travel abroad indicates the impossibility of art fairs, biennials, artist-in-residency programs and art-related events in overseas. We stay puzzled in how art market players handle the operation without face-to-face encounters in years to come. How could we maintain the community’s emotional satisfaction in light of new-normal? Certainly, COVID-19 altered the art world throughout 2020, and it is time for a SWOT (Strength, Weakness, Opportunity, and Threat) analysis after the first year of pandemic.