Date of Award

2020

Document Type

MA Project - Restricted Access (SIA Only)

Project Type

MA Project - Business Plan

Degree Name

Master of Arts (MA)

Department

Contemporary Art

First Advisor

Brendan Burns

Second Advisor

Judith Prowda

Abstract

In 2019, the global sales of artworks and antiquities were estimated to be around $64.1 billion. Roughly $4.82 billion were generated from online art sales, a growing sales channel that was overlooked by most key stakeholders within the market until the Covid-19 pandemic. As the global health threat affected all economies and halted in-person gatherings, many institutions were forced to adapt their operations and move their exhibitions online. Surprisingly, the swift digitalization, in a matter of a few weeks, had positive outcomes for auction houses and larger galleries who could finance these processes, whereas small galleries were left with a negative cash flow and no governmental relief to continue operating, thus many had to close down their operations. This is a key business opportunity for new galleries to join the dealership segments with its key operations being conducted online, as the pandemic forced collectors to change their purchasing behavior. Thus, this proposal introduces a hybrid-gallery model called Neue Projects New York who will operate in the niche of bringing emerging European artists into the US market.

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