Turns out Instagram isn’t just for posting pictures of cats or your lunch; the art world is increasingly using it for buying and selling pricey pieces.
Christie’s top deal maker (who resigned from the auction house this month), Brett Gorvy, has found particular success using Instagram. After posting a Jean-Michel Basquiat painting of boxing champion Sugar Ray Robinson, he got multiple legit queries and the piece sold two day later for $24 million — significantly more than it did by traditional means in 2007 when it was auctioned for $7.3 million.
“In this marketplace everyone is looking for an edge,” Gorvy told Bloomberg recently. “It just shows you the power of social media and the transformation of how people are buying.”
Gorvy further explained most of his clients are on Instagram, adding, “That’s where the future is. It’s now, it’s happening.”
Indeed monied art collectors Andy Hall, Dan Sundheim and Yusaku Maezawa are among the site’s users. They are in good company: according to a survey by London-based Hiscox Ltd., online sales of art reached $3.27 billion last year with half of buyers surveyed using Instagram. [Bloomberg]