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The Blobification of the Art Industry: How Lockdown Has Accelerated the Blurred Lines Between Galleries and Auction Houses
As they compete for art market dominance, auction houses and galleries are increasingly adopting one another s sales strategies.
April 13, 2021
Sotheby’s exhibition of Prints & Multiples is now open in London, England, ahead of the auction on 19th March at Sotheby s on March 13, 2020 in London, England. Photo by Tristan Fewings/Getty Images for Sotheby s.
In February last year, a group of art-dealing titans went public with an unusual proposition they would team up and sell the storied collection of the late philanthropist Donald Marron. The move was a shock to the art-world system because it saw three galleries, Gagosian, Pace, and Acquavella, snaffling up a $450 million estate that historically would have been the territory of auction houses.
Frieze Week 2020.
Lisson Gallery (Cork St)
Photo by Linda Nylind for Frieze.
A version of this story first appeared in the spring 2021 Artnet Intelligence Report, which you can download in full for free here.
“Imagine a world where you could not fly around the globe anymore. How would you conduct business?”
That was the “thinking-out-of-the-box” assignment that a consultant gave Phillips executives at the auction house’s annual strategy meeting in January 2020. “We looked at each other, like, ‘What is he talking about?’” Cheyenne Westphal, the company’s chairman, recounted.
“Just imagine there might be a volcano erupting,” the consultant told the assembled honchos, many of whom had traveled to New York for the occasion.