VUE

The Basics BY JACK A. GORDON AND DEIRDRE FLETCHER www.kbg.nyc Fine art sales have traditionally been managed and conducted through auction houses such as Sotheby's, Christie's and Phillip or via established art galleries and dealers including Gagosian, Leo Castelli, Saatchi Gallery, Pace Gallery, Hauser & Wirth and Deitch Projects. Each year hundreds of thousands attend renowned international art fairs Art Basel, Frieze Art Fair, e European Fine Art Fair, e Armory Show and Biennale Arte and Volta. However, the Internet has democratized and changed the nature of art transactions and collections by providing a global platform for viewing and purchasing works of art. By providing instant access to information about exhibitions, auctions, art sales and prices, the Internet enables new and experienced art collectors unprecedented access to historical sales information and access to what is available in the art markets through online options to purchase from auctions, fairs, galleries, consigners and directly from artists. Buying art online may not match the visceral experience of discovering a work of art in person, but it can supplement the experience of admiring art in a museum, gallery or fair. Brick-and- mortar will continue to play a vital role in discovering and collecting art, but as the global COVID-19 pandemic has shown, the degrees to which we socially interact are evolving. ese changes in turn drive how we transact business. Many art auction houses, galleries, art fairs and artists have moved online or expanded existing online operations in response to business shutdowns necessitated by the COVID-19 pandemic. ese virtual venues will continue to grow, innovate and provide both sellers and collectors with alternative means of access to traditional and emerging art markets. While cyberspace and e-commerce may make it easier to research and purchase art, the same considerations and precautions that apply in brick-and- mortar sale transactions apply to online purchases. What you purchase and collect should be driven by what interests and moves you – the magic, drama, whimsy, spirit or ineffable quality of a work. Art collecting is based on an economic model driven by authenticity, rarity and scarcity Consider the following tips and precautions for smooth and gratifying transactions when buying fine art online as a private collector: V U E N J . C O M 152

• Cover