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Map of the Arabian Peninsula illustrating the UAE in relation to neighbouring countries. Used with permission from Pngegg.com accessed on 1 June 2021.
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How has COVID-19 affected the global art market? This virus interrupted 2020 in unforeseen ways globally, including the cancellation of the most important art events of the year. Through a close chronological study of the Emirati art scene’s response, both in commercial and noncommercial venues, this essay explains how, and why, the UAE’s art scene...
Context in source publication
Context 1
... a brief history, the UAE (see Figures 1 and 2) became a federation of seven statesAbu Dhabi, Dubai, Sharjah, Umm al-Qaiwain, Fujairah, Ajman, and Ras al- Khaima-in 1971(Heard-Bey 1982. Its art community emerged only a few years later, in the late 1970s and early 1980s, through a variety of structures, both commercial and not-for-profit sectors. ...
Citations
... The transition to internet auctions and sealed auctions (where orders were transferred, for example, by phone) began -thus the new auction mechanisms increased their market share at least several times (Maciejewska-Bogusz, 2021). The currently available literature tries to describe global changes in this market as well as local changes (eg.: Australia (Archer and Challis, 2020), Belgium (Kalbermatten and Rausch, 2021), United Arab Emirates (Grinstead, 2021), Spain -Portugal -Brazil (Duarte, et al., 2021), Poland (Zakonnik, et al., 2022)). The changes described in the indicated literature often indicate the flexibility of transforming one form of sale (traditional sale) into another (online sale), as well as the potential to increase turnover giving a chance for investment success. ...
In the presented article, the authors pose the question - how profitable it is to invest in the rare book market? The study was
conducted on the Polish market. Polish-language old biblical books published in the years 1561-1839 were established as
the research group. The article used primary statistical methods and presented the so-called average annual rate of return on
investment in rare books in Poland. The article indicated that the average annual rate of return (adjusted for inflation) was,
in most cases, a few percent (about 3-5%). Thus, the return on investment is not very large but allows to effectively cope
with inflation.
... Giving huge credit to the powerful socioeconomic standing of the United Arab Emirates in the region of the Middle East/North Africa, the author emphasizes the local art scene's rapid adaptability to the new sanitary conditions brought about by the pandemic. She predicts that the global art scene, with which the Emirati art market is fully integrated, will soon represent a hybrid combination of "both smaller fairs, some with an online option, but also the possibility to visit in person" (Grinstead 2021). ...
Although the global art market has often been resilient to international economic and political events, it has faced some of its biggest challenges under the influence of COVID-19. Among others, the pandemic and the accompanying restrictive administrative measures taken by world governments have significantly influenced such key economic indicators as gallery employment, art sales, and the organization of international art fairs. This Special Issue studies various economic, social, and political impacts of the COVID-19 pandemic on the global art market’s current state and future evolution.
... However, these obstacles have resulted in attempts to adapt the art market by introducing new mechanisms of functioning, e.g., by moving auctions online, as well as sealed bid auctions (where orders are delivered by phone, for example); thus, the market share of new auction mechanisms has increased by at least several times [9]. The currently available literature attempts to describe global changes in this market [10,11], as well as local changes (e.g., in Australia [12], Belgium [13], United Arab Emirates [14], Spain/Portugal/Brazil [15]). The changes described in the indicated literature often point to (as mentioned earlier in the article) the flexibility of transforming one form of sales (traditional sales) to another (online sales), as well as the potential for increased turnover that provides opportunities for investment success. ...
The literature provides information on the impact of the pandemic on various markets. Many articles suggest the necessity of diversifying investment portfolios during financial market turmoil. The article in a unique way analyzed the rare books market in Poland during the COVID-19 period. The results of rare books auctions (the largest players with 85% of the market share were taken into account) over the 2018-2022 period were considered. The authors presented the hypothesis that COVID-19 triggered an investment bubble which may burst quite suddenly after the pandemic period. The data presented confirm the hypothesis, showing sharp increases (up to 50%) in sales revenues and a subsequent collapse. Less spectacular results were obtained when analyzing the number of books offered and sold in a given period. The authors used descriptive measures as well as statistical tests. A simple model calculating possible revenue in conjunction with the WPDI (World Pandemics Discussion Index) indicator was also presented.
