Virtual art fair uses big guns to woo collectors

Collectors are increasingly willing to use the internet to buy art at auction. Already, a quarter of bids at Christie’s International auctions are made online. Such sales in the first half of this year increased 63 per cent on sales last year.

Two New York couples, James and Jane Cohan, who are dealers, and Jonas and Alessandra Almgren, internet entrepreneurs, have spent more than two years devising the VIP fair. For a week in January, anyone will be able to use the internet to browse works at more than 50 of the world’s leading contemporary-art galleries. The art fair regulars Gagosian, White Cube, David Zwirner, Hauser & Wirth and Sadie Coles are among the event’s 12 founding participants.

Tickets, costing $US100 ($111) on the first two days and $US20 thereafter, will give would-be buyers contact with galleries through instant messaging, Skype or phone. The website will allow visitors to zoom in on paintings, enjoy multiple views of sculptures and watch videos. ”It’s a lot easier to go to an art fair when you can do it in an easy chair,” Levin says.

The lavish parties and dinners thrown by galleries when collectors fly into town will not be missed. ”If the social aspect is why you’re participating at an art fair, you’re not going for the right reason,” he says.

Dealers are attracted to the fair by the chance to gain clients in emerging economies, says James Cohan, who has a gallery in Shanghai.

Buyers from China, the world’s second largest economy, have so far been a limited presence at Western dealer-led art events.

The fair also appeals to cost-conscious gallery owners who spend thousands of dollars each year on booths, travel, shipping, accommodation and entertaining.

”The overall cost is about a fifth of what dealers normally spend,” Cohan says. Those taking part in the fair will be charged $US5000 to $US20000 for a virtual ”booth”.

”It’s a brilliant idea,” says Anthony McNerney, the managing director at Ben Brown Fine Arts in London and Hong Kong, which is not, as yet, taking part in VIP. ”It will take time to take off. At first, probably only things that people know will do well, such as editioned sculptures and photographs.

”It’ll probably take a year or so before a Korean or Indonesian collector spends $US1 million for a work at a virtual art fair, but there could be anomalies.

”People tend to be quicker to make decisions when using the internet. At art fairs, visitors look at things and have a think about it.”

Bloomberg

http://www.smh.com.au/entertainment/art-and-design/virtual-art-fair-uses-big-guns-to-woo-collectors-20100824-13qae.html