Isabel Croxatto, gallery founder and director, and other Chilean gallery owners, were asked by El Mercurio about the situation of art galleries and art investment in the context of the COVID-19 pandemic.
You can read a translated excerpt below, and find the complete article here (in Spanish).
Art galleries report market reactivation after the business turned to the online channel
The recovery from the hand of the virtual world
Isabel Croxatto, founder and director of the gallery of the same name, agrees that investment in art fell sharply in the first months of 2020, but then it became active again. 'I would say that now that we are spending more time in our homes, there has been a great increase in the supply and demand for artistic content, interest in investing in art has grown and people are daring to contact the gallery to ask for artists and advice on how to buy', she points out.
The reason? Ms Croxatto confirms that the promotion and commercialisation efforts have been based until now on the mediation between the client and the artwork, both in the gallery and in international events, so the virtual management has been essential to reconvert. 'It has not been easy to translate this approach to the online world, and I believe that many of us were not prepared to 'attend' virtually', she says.
Anyway, she acknowledges that having been rethinking the model of virtual gallery they wanted to project for a year helped them a lot. They already had the idea of implementing tools such as e-commerce, and were working on an exhibition format that could be mixed between the real and the virtual. In fact, this week they will launch ICG+, a virtual gallery that will host a complete programme of exhibitions specially designed to be visited and seen from any corner of Chile and the world.
Artists and the valorisation of their works in time
Which Chilean artists are recommended when investing in an asset considered a refuge? In general, the work of consolidated artists is a good refuge when it comes to investing, gallery owners agree, since they do not lose value or can even continue to gain it over the years.
Then there are the so-called mid-career artists. (...) Among the names that stand out in this category, according to the experts, are (...) Victor Castillo, Cecilia Avendaño, Coco González Lohse, Juvenal Barría and Francisco Uzabeaga, among others.
Finally, a good alternative may be to venture into some work by emerging artists. (...) In this category, gallery owners mention Paloma Castillo, Carolina Muñoz, Fernanda Núñez, Wladymir Bernechea, (...) among others.
How do you know if it is a good investment? What to look for?
Ms Croxatto talks of the "golden triangle" when it comes to investing in art: 'First, that you like the artwork; second, that the artist is building a professional career, and that means in almost all cases working with a gallery that adds value to their career and certifies the piece. Finally, that the prices are of international market', she advises.
