Prisoner of the Hamptons: An Art Giant on Life in the Covid Age

“My journey is different from some other major galleries because I started from scratch,” he said. “I didn’t have family in the business. I never worked for another gallery. I never worked for an auction house. So by nature, I’ve been a survivor and a scrappy businessman, which maybe in these times it suits me well.”

 Clients Preoccupied

So far the gallery furloughed part-timers and paid interns, but Gagosian is aware that more tough choices may have to be made.

“You want to keep your business healthy,” he said. “You are stupid if you just pretend that nothing is going on.”

Gagosian, 75, understands that clients are preoccupied with more important things.

“Buying art is not a priority even for active collectors,” he said. “They have other concerns now.”

But the biggest challenge is not having access to the galleries, where customers can see a painting on the wall, fall in love with it and buy it on the spot.

“That’s really what it boils down to,” Gagosian said. “It’s very difficult to even move a painting, to get a truck, to get someone to do a condition report. All the things the art world takes for granted have become very problematic.”

The strength of online sales surprised him, he said. This week, as Frieze New York opened its virtual edition, the gallery found a buyer for a $5.5 million Cecily Brown painting featured in its online viewing room. Sellers, who feel under pressure and are motivated to offer discounts, have been another active part of business lately, he said.

 Seeking Masterpieces

And then there are the major works.

“There is always a buyer somewhere for a masterpiece,” Gagosian said. “They say, ‘Maybe it’s not the greatest moment to buy something, but when will I get offered something like this again?’”

He recalled buying three significant works at auction in the wake of the financial crisis — by Gerhard Richter, Brice Marden and Christopher Wool. A large Marden painting from his “Cold Mountain” series had a low estimate of $10 million at Sotheby’s.

But Gagosian was concerned that if others took note of his interest in the work a bidding war would ensue, so he discreetly placed his bid with the auctioneer at the reserve price.

“He hammered it down,” Gagosian said. “Not one person bid.”

The final price, including fees, was $9.6 million. The same happened with two other works, and he still owns all three.

 Still Optimistic

Some of Gagosian’s galleries are starting to reopen, including in Hong Kong and Paris later this month. Selling at art fairs will be trickier.

While Art Basel moved its June edition to September, Gagosian is skeptical.

“Is that the first thing people will want to do when they start traveling, go to an art fair?” he said. “I’ve committed to my booth and I’m hoping for the best. I just don’t know. September seems like a long way away.”

Museums may also have a hard time getting back.

“They are in the business of selling tickets and attendance,” he said. “I can sell a painting on the telephone if I am lucky. Museums are participatory venues. That means you have crowds. And I don’t think people are going to be comfortable in crowds for a while.”

But Gagosian takes a longer view – and remains an optimist.

“It’s going to be tough for a while,” he said. “But that doesn’t mean you can’t make money or create a great painting.”

The other day, Gagosian was flipping through the sports section of the newspaper — which is rather depressing these days, he said, because there are no sports — and he spotted a photograph from the 1918 World Series, during the last pandemic.

“The photograph shows the batter, the catcher and the umpire all wearing masks,” he said. “It’s a fantastic image. And it made me think that this, too, will pass.”

(With assistance from Steven Crabill)