The coronavirus has had devastating impacts on economies and businesses and the art world is no exception. Back in April, in the early days of the European lockdown, Rachel Pownall surveyed 236 art galleries worldwide about the challenges they expected into face during the coronavirus crisis.
Galleries were bracing themselves for a very difficult year ahead, with galleries around the world expecting to lose an average of 72% of their annual revenue. 33.9% of galleries did not expect to make it until the end of the year. An important concern for many of the galleries was the lack of liquidity and issues of cashflow due to the drop in sales. If you want to learn more about the survey and the results, click here to read the full article on the Art Newspaper.
As well as the article published in The Art Newspaper, Rachel was also interviewed for an episode of The Art Newspaper’s podcast. Listen to the podcast by clicking here.
For more information, download the infographic which summarises the survey’s key findings.