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The Corona Virus Impact On The Art World And Why You Should Buy Now

Art enthusiasts wearing protective face mask walking in front of El Prado museum in Madrid, the Louvre in Paris and the LACMA in Los Angeles. Sorry We Are Closed! All of world leading museums are closed to the public due to the coronavirus outbreak.
The Corona Virus / COVID-19 has been declared a pandemic by the World Health Organization (WHO). Because of its global spread museums, art fairs, galleries, and many other art institutions and industry events have been faced with the decision to cancel, postpone or alter their 2020 editions or planned programming. 
Good News for Non Profits ! Art nonprofits can now apply for COVID-19 relief grants through the National Endowment for the Arts.
The National Endowment for the Arts (NEA) will provide nonprofit art organizations with emergency funding via the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Out of the recently approved $2-trillion national stimulus plan, $75 million has been allocated to the NEA.

Arts organizations own $10-million relief fund for artists affected by COVID-19.
7 United States art grantmakers, including the Academy of American Poets, Artadia, Creative Capital, Foundation for Contemporary Arts (FCA), MAP Fund, National YoungArts Foundation, and United States Artists, are launching a national emergency relief fund for artists affected by the COVID-19 crisis. The fund will distribute unrestricted grants of $5,000 on a continuing basis over the next six months. With $10 million already raised, the fund will provide support to U.S. artists with financial need during the pandemic.

Museums across the U.S., facing the effects of COVID-19, laid off staff or closed permanently.
The Museum of Modern Art, New Museum, and Whitney Museum of American Art are among the institutions impacted. The J. Paul Getty Trust is committing $10 million to a COVID-19 relief fund to support nonprofit art organizations and museums in Los Angeles. The L.A. Arts COVID-19 Relief Fund was announced on Thursday and will be administered by the California Community Foundation (CCF). It will give emergency operational funding and recovery support for smaller and mid sized arts nonprofits based in Los Angeles County. Also Getty is encouraging other organizations and individuals to contribute to the relief fund if you can.

Sotheby’s furloughed nearly 200 employees in response to COVID-19 and Andy Warhol Foundations Help.

Art auctioneer Sotheby’s furloughed 12 percent of its staff—roughly 200 employees—in response to the financial effects the COVID-19 pandemic has had on the art market, the Wall Street Journal reports. U.S. and U.K. employees who have not been furloughed will receive a 20 percent pay cut until June 1st, and executives will take an additional 10 percent reduction plus overtime pay has also been temporarily suspended.

The Andy Warhol Foundation for the Visual Arts will provide $1.6 million in emergency grants to artists affected by the COVID-19 crisis and the foundation is teaming up with partner organizations in its Regional Program to distribute individual artist grants of $100,000 to artists in 16 U.S. cities. These funds may be used to help cover everyday expenses like food, rent, medical costs, and childcare.

Why you should invest your cash in art now!

You see the price hike in gold, the rollercoaster of stock but one valuable asset being completely unaffected by the Coronavirus: Art!

As pieces of art are not replicable their value will likely go up after the Coronavirus has settled. Art galleries are still open for online business and the variety is enormous. From a hidden treasure of Wiener Werkstaetten to a rare Warhol. Go Shop!


Dr. Prince Mario-Max Schaumburg-Lippe
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