Art markets in crisis: how personal bonds and market subcultures mediate the effects of COVID-19.

We examine how the contemporary art market has changed as a result of the disruptions caused by the novel coronavirus. Based on interviews with artists, collectors, a dealer, and an auction house executive, we argue that the decline of face-to-face interaction, previously essential to art market transactions, has placed strain on each corner of the community. In the absence of physical co-presence with the artworks and art world actors, participants struggle to evaluate and appreciate artworks, make new social ties, develop trust, and experience a shared sense of pleasure and collective effervescence.