New ways to sell high-profile art
Online power is growing and the transformation of purchases has arrived
Shortly before his plane took off from New York, Brett Gorvy posted a Jean-Michel Basquiat painting of boxing champion Sugar Ray Robinson on Instagram. When he landed in Hong Kong 16 hours later, he discovered text messages from three clients asking if the painting was available. One immediately made an offer for the 1982 canvas, and the deal was completed two days later for about $24 million.
It seems we are already knee-deep in this digital age and it’s time to wake up to the change. With such instant online gratification, is it only a matter of time until physical galleries and auction houses are a thing of the past?
Well, one thing is for sure. The online art market is definitely attracting attention and is offering a lot more information to the public than ever before.
Given that social media is becoming a huge part of everyday life, why wouldn’t it be a go-to platform even for high-profile art? More and more highly engaged users will turn to online platforms to expose their art and try to sell with other engaged users — it only makes sense.
What’s most impressive is that the online art market is quickly gaining a lot of global trust as more and more users flock towards online art platforms, even if the online platform happens to be one of social media. As long as art can be yours immediately without having to dress up and head to a physical space, people are willing to pay. The barricades of the physical world are being crushed and a new wave of selling art is finally here to stay.