The State of the Art Market, Positives for Artists and The Elizabeth Xi Bauer Studio Project


The State of the Art Market, Positives for Artists and The Elizabeth Xi Bauer Studio Project

It should be no surprise that the Art market has sprung back to life after only a brief period of downturn during the initial impact shock of Covid-19.  The adaptability of the art world’s key players has allowed it to be nimble-footed in dealing with the multi-faceted challenges we all face.  Art fairs and auction houses swiftly moved online showcasing just why the technology was heavily invested into pre-2020.  With the traditional auction calendar not possible, Sotheby’s, Christie’s and Phillips were the quickest to utilise their online platforms.  Global online-only auction sales from these three auction houses ended up at $596.7 million in the period from January to August 2020, up from $168.2 million for the whole of 2019. 

Global online-only auction sales increased by 255% in January to August 2020 compared to a full year 2019 – RawFacts Online-Only Auction Review, 2020 

Sotheby’s, one of the biggest winners in the shift to online-only sales, recently announced that it has sold $2.5 billion worth of Art since January 2020.  Sotheby’s, and Christie’s, have been investing in a whole host of new technologies for some time, for example, Sotheby’s acquired an Artificial Intelligence Company in 2018.  Again, they will be way ahead of the curve.  Art fairs have also adapted, for example Art Basel launched online viewing rooms available through the website and the app.  

“Moving online, Sotheby’s exceeds estimates across categories. There has emerged a new, vital confidence in the power and potential of the Art market”– Sotheby’s 

We saw active bidding not only at the top end of the market, but also for younger, up-and-coming artists”– Sotheby’s 

Should we be surprised? 

Historically, the Art market has always remained robust, and even excelled, during times of economic turbulence.  Art operates outside of the financial markets, allowing an individual to diversify exposure within a more balanced portfolio. 

Art prices were up 211% between 2003 and 2013 despite the financial crisis of 2008, making Art one of the most effective hedges during uncertain times – The Economist

Research by J. P. Morgan found that art prices have been less volatile than and have fluctuated independently from traditional investments such as equities, bonds, commodities and property funds for over 25 years.

“Research has shown that fine art can function as a risk-reducing element in a portfolio because of its low correlation to equities or bonds, while also being a real asset, which provides a hedge against inflation” – Jean-Christophe Gerard, Head of Barclays Private Bank EMEA






The unique properties of Art as an asset class dovetailed with the fact that there is clearly a lot of dry powder on the sidelines, is creating an environment rife for buying activity.  Especially as new, blockbuster artworks are added to auctions, some never-before-seen at auction.

What about the artists? 

A benefit that artists have obviously found from the pandemic is the increased time and space in their studios to do what they do best, to make artwork.  Rather than flying all over the world opening exhibitions, attending talks and other events, for example, artists have found this to be a time of quiet and blocked in time to be creative.

“Solitude, even prolonged solitude, can only be of very great benefit”– Louise Bourgeois

Elizabeth Xi Bauer’s International Studio Project 

Elizabeth Xi Bauer specialises in supporting museum-quality, emerging, mid-career and established contemporary artists.  Every artist has been qualified for both artistic excellence and serious growth potential.  Their team assists collectors that are emerging and established as their passion is helping every collector build collections that suit their desires and ambitions.

As an extension of Elizabeth Xi Bauer’s support to artists and collectors, combined with the increased focus on studio time, Elizabeth Xi Bauer is funding their artists’ studios around the world.  They have started with a studio space in Tel Aviv and a space in London to be confirmed very soon along with a designated private viewing area.  They will also be funding studio spaces in Cluj in Romania as well as Bratislava in Slovakia.

Elizabeth Xi Bauer is also delighted to present online exhibitions for their artists Theodore Ereira-Guyer and Abraham Kritzman with accompanying exhibition texts written by renowned curators and writers, Maria do Carmo M. P. de Pontes and Àngels Miralda respectively.  These two online exhibitions are in place of their postponed Summer exhibition which was going to take place in Central London.  As such large physical exhibitions are not possible at the moment, this is why Elizabeth Xi Bauer has re-channelled their efforts into funding the studios which will provide their artists the support they need the most.


This article was published by Family Office Magazine (‘Art & Museum’ Autumn Issue 2020)