Daily Management Review

The Auction Market's Phoney Crisis


06/08/2021


Despite the pandemic, the auction market has not collapsed, and the first quarter of 2021 even broke records: a euphoria now confirmed by the traditional May sales in New York. And a revolution is probably taking shape at the same time…



by Annick Colonna-Césari

An exhibition at Drouot, in compliance with health regulations: "Collectors need to see the works before they buy, even if they subsequently bid from their sofas." Alexandre Giquello
An exhibition at Drouot, in compliance with health regulations: "Collectors need to see the works before they buy, even if they subsequently bid from their sofas." Alexandre Giquello
There is talk of a crisis. But what crisis, precisely? It is true that in 2020, following the pandemic, the global business volume of auctions, estimated at $17 billion by Clare McAndrew's report , dropped 30% compared with the previous year. In France, losses ranged from 20% to 40%, depending on the auction houses, and were counterbalanced to a certain degree by private sales. In any event, 2021 got off to a roaring start. In January, Drouot recorded... read more