Though Covid-19 brought extreme disruption to the art world, it also provided opportunities for innovation and reinvention. Art fairs were cancelled, galleries were shuttered, and auction houses were forced to radically rethink their business models. At warp speed, in-person exhibitions and appointments transitioned into virtual buying and selling experiences. Auction houses have been expanding their e-commerce capabilities for over a decade, but the important sales remained high-touch experiences. In 2020, buyers and sellers were forced to reevaluate preconceived notions of what it means to buy art and jewelry online. So far, the surprising results are encouraging.
During the second and third quarter of 2020, Americans spent more time at home than ever before – and they were busy! Clients were moving, renovating, redecorating and repurposing rooms. Some exclaimed, “I always wanted ____ and I’m finally going to buy it!” or “I always hated that and it’s time for it to go!” Either way, they were making decisions and needed experienced partners to collaborate with. Our ability to hold virtual appraisal appointments through Zoom and FaceTime was crucial to meeting the needs of buyers and sellers. When states issued travel bans, our regional offices across the country rose to the occasion, working in tandem with headquarters in New York to assist more clients than ever before. As restrictions eased, Specialists appraised jewelry in garages and paintings on patios – all while wearing masks, maintaining a safe distance from others and using liberal amounts of hand sanitizer.
Pandemic auctioneering was another challenge that auction houses had to quickly overcome. Auctions are traditionally public events with an audience and multiple rows of employees taking bids from clients via telephone – they are exciting and theatrical displays of salesmanship. Since auction house locations remained closed during lockdown, auctioneers set up mock rostrums in their homes and sales were conducted entirely over Zoom. Employees scattered throughout the country bid via Zoom with clients worldwide – a feat of technology made successful by an extremely experienced and cool-headed auctioneer.
The market for jewelry remained robust throughout and demand for signed pieces by jewelers such as Van Cleef & Arpels, Cartier, Bulgari, David Webb, Tiffany and Verdura is particularly strong. In June, a 21.74ct emerald and diamond ring by Graff sold for $411,000 with an estimate of $150,000 – 250,000. Two pieces of jewelry sold for over a million dollars during the summer sales, which occurred without public exhibitions or printed catalogues. The idea of selling high-end jewelry in this manner was absolutely unthinkable prior to March 2020, but buyers trusted Specialist’s expertise and responded with enthusiastic bidding.
Interestingly, we saw our clients translating what they might have spent elsewhere – such as travel – to jewelry and items for their home. Although stuck inside, people continued to celebrate anniversaries, birthdays, engagements and other milestones and gifts were needed! Most jewelers and manufacturers were closed; so, buyers increasingly flocked to auction. To accommodate the changing environment, online auction catalogues began incorporating more photos of every item. We illustrated each angle and our photographers shot the pieces on models, which enabled clients to see the scale and drape of the jewelry more precisely in lieu of an in-person viewing.
Fine art, furniture and decorative arts also sold well during the various stages of the lockdown. For years, auction house specialists have heard “nobody entertains at home anymore!” Suddenly, people were more comfortable hosting small groups of friends for cocktails or intimate dinner parties than dining out. Tabletop items, such as porcelain and crystal, sold well during this time. Prices for upholstered furniture prices were high as many furniture workshops and fabric houses were closed.
In 2020, our website traffic and new bidder registrations increased exponentially. We expect this trend to accelerate as collectors continue to show increased confidence in purchasing high-value art and jewelry online. Moving forward, auction house websites will continue to evolve and become increasingly dynamic and user-friendly. While collectors may enjoy flipping through beautifully photographed printed auction catalogues, we have shown that print is not essential as auctions migrate to an online format. Freed from printed catalogue production timelines, auction houses can sell more items and quicker, thereby creating greater speed to market. Strict auction categories are also disappearing as auction houses mix genres to encourage both seasoned and new bidders to think outside their traditional buying habits.
Though this has been a difficult time, we believe that many of the industry-wide changes brought on by the pandemic are positive and will inform the way our business grows in the future. Our team has taken each challenge as a chance to reinvent and improve processes in order to present the best possible outcomes to bidders and consignors alike.
Collin Sherman Albertsson is Senior Vice President and Florida Regional Director for Doyle Auctioneers & Appraisers, a full-service auction house headquartered in New York City. She received her B.A. in Art History and History from Southern Methodist University and her M.A. in European Decorative Arts from Parson’s School of Design. She is a candidate for the Graduate Gemologist Degree from the Gemological Institute of America. Ms. Albertsson regularly travels throughout Florida to provide private collectors, heirs, families and fiduciaries advice on the sale of a single item, estate or collection.