«Gallery Owners and Collectors Discuss the Art Market Post-Pandemic» — Denis Khimilyaynen for Sobaka.ru
During the pandemic, the art market became buyer-driven — a fact acknowledged by artists, gallery owners, and independent experts alike. Online transactions skyrocketed: in 2020, global online sales broke all records, reaching $12.4 billion. That’s double the figure for 2019. In other words, one in four artworks was sold online. Participants of a conference hosted by Sobaka.ru shared insights on how the Russian art market fared and what prospects await local artists and dealers.
Investing in Art
Denis Khimilyaynen, Collector and Senior Partner at Prime Advice Consulting Group:
Only a sale can show whether you invested in art correctly or not. A collector typically doesn’t invest in art — they invest in themselves, in their hobby, not in buying pieces for resale. Of course, when my colleagues and I select a new piece, we have an idea of its fair value and try not to overpay. But if we come across something truly unique and worthwhile, we might pay more. History remembers only a select few, so I’d caution against buying art purely as an investment — it’s better to acquire it for pleasure.