The incredibly talented and generous Robert Genn has posted a fabulous article on the current art market.
A lot of this transition is due to the advent of the Internet. Even a few years ago my friends and I were agreeing that folks wouldn't buy art on the Net. How wrong we were. Many of my best dealers now do 40% of their business online. And they're doing it not just locally, but worldwide.
An interesting parallel I would have never thought possible is Yoox. It's an international online fashion clothing operation based in Italy that sells up-market duds (Prada, Armani, Jil Sander, etc). Yep, expensive couturier stuff you have to try on to see if it fits. This company, started in 2000 by Federico Marchetti, is now one of the largest rags retailers in the world. They don't have a store.
Read the full article here.