Art dealers across the US struggling to survive as new report projects a 73% loss in revenue
Republished by ECBN from: The Art Newspaper / Text by Margaret Carrigan
As numerous organisations attempt to measure the still untold and unfolding financial fallout of coronavirus (Covid-19) within the art world, the Art Dealers Association of America (ADAA) has today released its latest findings, revealing that art galleries across the US project a 73% loss in revenue for the second fiscal quarter. Moreover, there may be little recourse to recovery for these businesses and even few inroads to financial relief for their artists and staff in the near term. Of the galleries polled, 76% applied for the US Small Business Administration (SBA) Paycheck Protection Program (PPP) Loan, launched in March by the Trump administration as a financial relief measure; only 28% galleries were confirmed for the forgivable loan to help cover staffing and operation costs and nearly a quarter of applicants have yet to receive any response.