Local dealers are experiencing signs of life in the market as stay-at-home clients, sick of looking at the same old paintings on their walls, open wallets: 'People spend when they're depressed.'
L.A.’s Kohn Gallery on La Brea Avenue, which reopened July 16. Reservations must be made on its website to see the show.
The COVID-19 pandemic presents an all-new set of challenges — but, so far at least, the results have not been quite as dire as many predicted when lockdown orders forced galleries to shutter, art fairs to migrate online and auctions to go virtual. A recent wave of record auction sales — among them a Francis Bacon triptych that sold for $84.6 million at Sotheby's on June 29 — and a more-bustling-than-expected gallery market have led many in the industry to exhale a sigh of relief.
Chaikin has had a similarly robust year, noting the pandemic has resulted in “one of my best quarters — and honestly, I take no pleasure in that.” Fernandez theorizes that the same things that make stay-at-home orders such a bummer — forcing many people to sit at home, staring at overly familiar walls and feeling down about everything — have led to the sudden boost.
Surveying the scene, Chaikin notes that sales records have been toppling everywhere — for living artists , emerging artists and female historical artists . The blue-chip market has been the most bullish of all sectors, with the aforementioned virtual Sotheby’s auction netting $363 million — the Bacon went to Sotheby’s own contemporary department head Gregoire Billault — while a July 10 Christie’s live-stream auction moved $421 million in works, including $46.2 million for a Roy Lichtenstein painting of a female nude.
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