Current Art Market Developments in the Wake of Covid-19

Inhaltsverzeichnis (Table of Contents)

• Chapter 1: Introduction and Research Question
• 1.1 Research Question: How will the Gallery Sector Develop?
• 1.2 Objectives: Assessing the Current Situation and Evaluating Trends
• 1.3. Hypotheses: Increasing Competition, Importance of Brand Value, and an Overestimation of the Digital
• 1.4. Literature Review: Understanding the Status Quo
• 1.4.1 Galleries' Position within the Creative Industries
• 1.4.2 How Galleries do Business
• 1.4.3 Key Dynamics Relevant for Galleries' Operations
• 1.4.4 Impacts of Covid: First Prognoses
• 1.4.5 Market Influences and Trends
• 1.4.6 Open Questions not Covered by Current Literature
• 1.5 Methodology: Combining Methods to Achieve a Full Picture
• Chapter 2: Identification of Challenges and Opportunities
• 2.1 General Recession
• 2.2 Areas that were Especially Affected
• 2.3 Current Challenges and their Meaning for Galleries
• 2.4 Current Opportunities and their Meaning for Galleries
• Chapter 3: Discussion of Developments and Potential Future Strategies
• 3.1 Business Models: The Lasting, but Minor Role of the Digital
• 3.2 Evaluation of the Online Space: Gallerist Perspective
• 3.3 Evaluation of the Online Space: Client Perspective
• 3.4 Evaluation of Trends and Expectations for Wider Sectoral Developments
• 3.5 Depiction of Market Division Correct yet Misrepresenting Galleries' Operational Needs
• 3.6 The Art Fair Dilemma as a Main Operational Challenge for Small and Mid-size Galleries
• 3.7 Conclusion: Overvaluation of the Digital

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This thesis examines the challenges and opportunities facing commercial art galleries in the German-speaking market in the wake of the Covid-19 pandemic. The study aims to understand how galleries have adapted to the changing landscape, analyze the impact of digitization on their business models, and identify potential future trends.

• The impact of Covid-19 on the German art gallery sector
• The role of digitization in gallery operations and its potential influence on future business models
• The changing dynamics of the art market, including the division between large and small galleries
• The significance of art fairs and their impact on gallery revenue and operations
• The challenges and opportunities for galleries in a post-Covid world

Zusammenfassung der Kapitel (Chapter Summaries)

Chapter 1 introduces the research question and outlines the objectives of the study, which is to analyze the impact of Covid-19 on the German art gallery sector. The chapter also reviews relevant literature, highlighting the existing research on the gallery market, key industry dynamics, and the initial predictions regarding Covid-19's impact on the art world.

Chapter 2 identifies the specific challenges and opportunities that arose from the pandemic for art galleries. It examines the impact of the general recession, the areas most affected by the pandemic, and the specific challenges and opportunities faced by galleries in the German market.

Chapter 3 delves into the discussion of developments and potential future strategies for art galleries. It examines the lasting role of the digital in gallery business models, evaluates the online space from both the gallerist and client perspectives, and analyzes wider sectoral trends. The chapter also explores the art fair dilemma and its impact on small and medium-sized galleries.

Schlüsselwörter (Keywords)

The study's primary focus areas are the commercial art gallery sector, the Covid-19 pandemic, digitization, business models, art fairs, and the German art market. Other key concepts include the division between large and small galleries, the role of personal relationships, and the impact of online sales on gallery revenue.