Since founding his namesake Hollywood gallery in 1985, Michael Kohn has weathered his share of storms. "In 2008 [amid the financial crisis], buyers clammed up," recalls the veteran art seller. "And in 1991, during the first Iraq War, everything just stopped." The COVID-19 pandemic presents an all-new set of challenges — but, so far at least, the results have not been quite as dire as many predicted when lockdown orders forced galleries to shutter, art fairs to migrate online and auctions to go virtual.
A recent wave of record auction sales — among them a Francis Bacon triptych that sold for $84.6 million at Sotheby's on June 29 — and a more-bustling-than-expected gallery market have led many in the industry to exhale a (very cautious) sigh.
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