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Posts Tagged ‘online auction’

Fad or innovation? First ever entirely online art fair to launch next year

Posted by artradar on September 1, 2010


ART EVENTS PROMOTING CONTEMPORARY ART ART SALES ART FAIRS ONLINE

Art Radar Asia was recently sent information on an event new to the art promotion circuit – VIP Art Fair is the first fair to be run entirely online. The event will launch on 22 January, 2011 and was founded by experienced art professionals James and Jane Cohan from James Cohan Gallery and Silicon Valley-trained technology and marketing specialists Jonas and Alessandra Almgren.

The fair will be free of charge and 45 international galleries have already signed up. Standout features include a VIP Lounge where special films of private collections and artist studios will be available to view, interaction between buyers and dealers through Skype and instant messaging, and a function which will allow fair attendees to take tours of the virtual gallery including the ability to zoom in on artwork detail.

A snapshot of the VIP Art Fair Gallery. Image courtesy of VIP Art Fair.

A snapshot of a VIP Art Fair gallery page. Image courtesy of VIP Art Fair.

Read the press release:

HONG KONG, August 19, 2010 – VIP Art Fair, the first art fair to mobilize the collective force of the world’s leading contemporary art galleries with the unlimited reach of the Internet, announces its inaugural fair taking place exclusively online for one week only, January 22-30, 2011, at www.vipartfair.com.

An unprecedented event, VIP Art Fair gives contemporary art collectors access to artworks by critically acclaimed artists and the ability to connect one-on-one with internationally renowned dealers—from anywhere in the world and without leaving home.

“For anyone passionate about art, the Fair is a transformative experience: it delivers all the excitement of world-class art fairs with the convenience and personalization of the Internet,” said James Cohan, co-founder of VIP Art Fair in collaboration with Jane Cohan, Jonas Almgren and Alessandra Almgren. “We’ve invited the most prestigious international galleries, both established and emerging, to come together for an online event, creating a virtual community that will allow collectors, curators and the public to access distinguished galleries and learn about their artists, all with unparalleled ease and absolute discretion.”

VIP Art Fair Founding Galleries David Zwirner (New York), Galerie Max Hetzler (Berlin), White Cube (London), Gagosian Gallery (New York, London, Beverly Hills, Rome, and Athens), Gallery Koyanagi (Tokyo), Hauser & Wirth (Zürich, London, and New York), Anna Schwartz Gallery (Melbourne and Sydney), Xavier Hufkens (Brussels), Fraenkel Gallery (San Francisco), Kukje Gallery (Seoul), Sadie Coles HQ (London), and James Cohan Gallery (New York and Shanghai) will be joined by other international contemporary galleries. A partial gallery list is now available online. A complete list will be made public this fall.

VIP Art Fair Features

The revolutionary design of VIP Art Fair allows art collectors the opportunity to view artwork online as never before. VIP Art Fair’s innovative technology presents artworks in relation to other works of art and in relative scale to the human figure. Inquisitive visitors can zoom in to examine details of a painting’s surface, get multiple views of a three-dimensional work, and watch videos of a multimedia piece. Galleries will provide comprehensive details on artworks and artists, including biographies, catalogue essays, artist films and interviews, and in-depth information that will empower collectors.

One of the many distinct features of the Fair is the interactivity between dealer and collector. Each dealer has the ability to hold conversations with collectors via instant messaging, Skype, and telephone to discuss works on offer in the virtual booth. Dealers can also provide access to their gallery’s back room inventory, sharing works in real time with clients in specially-created Private Rooms on the client’s own computer screen.

There are many ways to explore the Fair, including online tours which are core to the VIP Art Fair experience. Visitors to the Fair can choose from a wide selection of tours—whether of featured works or a tour created by collectors, critics, and curators from participating museums. Visitors also can design their own personalized tours of the Fair that showcase their favorite works and can be shared with friends or posted in the VIP Lounge. Other ways to navigate the site include the Fair Map and advanced searches based on criteria of interest, such as artist’s name, medium, or price range.

The VIP Lounge is where visitors can watch specially commissioned films of leading private art collections and artists’ studios, check out Fair tours created by other visitors, access status updates on art market news, and learn about new works on view in the Fair.

Accessing VIP Art Fair

The Fair will open on Saturday, January 22, 2011 at 8:00 a.m. EST and conclude on Sunday, January 30, 2011, at 7:59 a.m. EST. Browsing the Fair is free of charge. To access interactive capabilities, visitors must have a VIP Ticket, which on January 22 and 23 will cost $100 and thereafter will cost $20. Visitors are encouraged to register in advance.

Editors’ Note

It seems the international art community is divided in its opinions regarding the success of online sales of artworks.

Pearl Lam, Director of Contrasts Gallery, speaking at the 2010 Art Taipei Forum, stated that,

“We have been selling paintings [through the Internet], that was in the good season, but at the present moment all the collectors … want to see the paintings…. Today, there are still collectors who are buying [through the Internet] but it’s less than what we used to have. We used to have ninety percent of them, … all [through the Internet] and they were not cheap … paintings. We still [sell through the Internet] but reduced and also depending on the price of the painting.”

However, Saffronart, a constant pioneer of new technologies in the art auction arena, recently introduced a mobile phone bidding application to it’s seasonal auctions.

With increasingly more mobile ways to access the Internet and new features which allow users to better explore and interact with virtual space, such as those that will be presented at VIP Art Fair, it’s hard to tell if this is a fad or the first successful move into better utilising this new sales territory.

What do you, our readers, think?

KN

Related Topics: promoting art, art collectors, art fairs, art and the Internet

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Saffronart once again pioneers new technology within art industry

Posted by artradar on July 22, 2010


ART AUCTIONS NEW TECHNOLOGY MOBILE PHONES

Art Radar Asia has found a new tool available to collectors when bidding for artworks at auction – lots can now be won via mobile phone bids.

M. F. Husain, 'Kerala - V', serigraphy on paper. Taken from the Saffronart website.

M. F. Husain's 'Kerala - V'.

As reported on the Saffronart website, the online auctioneer concluded its most recent sale on 17 June, with ten lots won by the company’s new mobile application.

Ten lots were won via Saffronart’s new mobile application, which allows bidders to bid from Blackberrys and iPhones. Those lots totaled $934,272. M.F. Husain’s Untitled was the highest lot sold via mobile, making $235,750.

Saffronart, a specialist in Indian art, was founded in 2000 by art collectors Dinesh and Minal Vazirani. It is renowned for its innovative use of new technologies within the art industry; their online auction model was recently the subject of a case study at Harvard Business School. The company has galleries and offices in Mumbai, New York and London. This most recent online auction grossed $6.7 million.

KN

Related Topics: business of art, market watch – auctions, Indian artists

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Dinesh Vazirani CEO Saffronart speaks about 2010 market outlook for Indian art – Arttactic podcast

Posted by artradar on March 28, 2010


INDIAN CONTEMPORARY ART MARKET OUTLOOK

CEO of on-line Indian auction house Saffronart explains that the collector base for Indian art is changing

Dinesh Vazirani is the CEO and Co-Founder of Saffronart, the world’s largest online auction house for fine art and jewelry. In the Podcast interview with ArtTactic, he reviewed the performance of the Indian art market in 2009. He also shared his observations on the changes in the Indian art market in the recent year. Moreover, he shared part of his formula of success in running an online auction platform of such scale.

How was the performance of the Indian Art Market in 2009? To what extent has the Indian Art Market recovered from the financial crisis in 2009?

A lot of changes happened in the post financial crisis period. The initial six months was a difficult time for the art market. The base of the investors and collectors changed quite dramatically. Investors and speculators that are active in the post financial crisis disappeared from the market. There are real collectors looking for good value and premium quality. In the later part of the year with the Indian economy getting better, confidence and perception changed. We saw some of the collector base come by and want to buy the best of the best.

 In the early part of the year, prices of modern art retreated by around 30-50% and contemporary art by 50-80%. Modern art prices recovered by 15-30% later in the year and contemporary art came back by 10-15%. In 2009, the Indian market underwent a transitional change. The players changed. Some galleries and auction houses shut down and some opened.

How is the heavy presence of speculators a threat to the sustainability of the Indian Art Market?

Speculators come into the market and drive up the prices. In 2005 to 2008, prices rose dramatically which brought in a whole slew of speculators, investors, private dealers, collectors and funds. In 2009, after the financial crisis, these players disappeared but they will come back if the value is right. However, it is not expected that they would be jumping into the market as fast as in 2005. This downturn in Indian Art is the first ever downturn in the history of Indian art. Most people have not gone through a downturn to understand the implications of it.

What pattern has been developed in the collector base?

The previous collectors of Indian Art are large corporate houses and business houses in the India subcontinent. However, in the last five years, the collector based has moved from a business house concentrated end towards a broader collector base, which constitutes a lot of professionals, younger collectors from the finance field and young business people. Interestingly, some are from outside of India. In 2006, more non-Indians collected Indian contemporary art and wanted it as a cultural bridge.

What is your outlook for the Indian  art market in 2010?

Players will be coming back to purchase work  and a new base of buyers are expected too. There were people wanting to come in to buy during 2005 to 2008, but the price rose too sharply then, so they want to come in now and see if they can get premium values. 2010 will be dependent on two things. One is the perception and confidence of the Indian base customers and the other is the participation of non-Indian buyers in the post finance crisis period in the art market.

Why has Saffronart been so successful as an online auction house when no auction houses have found equal success in this format?

For the past 10 years, we have been building up the collector base, giving them the confidence and transparency and improving the technological platform. On the other side, we have been doing physical exhibitions and previews all around the world, including San Francisco, L.A., Mumbai, New Dehli, Hong Kong and London. To make people confident, we added the brick and mortar side. It is the “the click and the brick” that has made Saffronart so successful. Nearly every business is heading to the direction of going online.

Is the art market fundamentally changing because of the web?

Over time, there will be a strong shift towards online transactions. People will transact more online or even leaning more to mobile bidding platforms. These mobile bidding platforms have been enormously successful. 

 To listen to the original Podcast, please click here. Arttactic has a range of fascinating interviews with art market influencers and is worth a browse.

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