When Art Defied A Shrinking Economy

As artists caught on to digital avenues and social media paved the way, luxury art industry found a new market amid the pandemic.

- Kishore Singh

FIRST, THE GALLERIES DOWNED shutters, then museums closed; wine bottles remained unopened, cheeses dried up; openings were cancelled, exhibitions remained unattended; negotiations for artworks that had begun at the India Art Fair turned into damp squibs. Every day that brought bad news deepened the gloom — pink slips, salary cuts, an economic purge, medical emergencies, migrant concerns. As people locked themselves indoors, the luxury industry began to slip into recession. High street brands collapsed, hospitality and aviation teetered over an abyss, restaurants and bars shut, some never to open again — and the art industry?

It did well, proving all over again the truth of the adage that when the economy spirals down, the art world looks up.

Barely months into the lockdown, concerned conversations with artists began to turn into cyber celebrations. Even though they could no longer go to their studios to work, collectors were able to find their way with permits and vehicles to acquire works that soon emptied out their stocks. Canvases that had piled up over the years vanished in a matter of months. The buyers were individuals, not institutions, and they came in every shape and garb —professional collectors, first-time buyers, seasoned, middle-aged, young, male and female, professional and entrepreneur.

IT WAS NOT PANIC selling— the artists did not need to drop their prices, the demand was so high. The buzz on cyber streets was that they were charging a premium.