P420 gallerists warn of severe impact if autumn fairs are cancelled

In an interview with Artribune, Alessandro Pasotti and Fabrizio Padovani of P420 gallery in Bologna discuss the Covid-19 crisis's impact on the art market. They note that while galleries received concrete aid like wage subsidies and mortgage suspensions, the timing mismatch between the end of these measures and market recovery poses a major risk. Online sales via Artsy and virtual viewing rooms are active but represent only a fraction of live transactions. The gallery participated in Artefiera, ARCO Madrid, and The Armory Show before lockdowns. They will join Frieze New York's online viewing room starting May 6. Pasotti and Padovani express deep concern about the autumn fair season, warning that cancellations would severely hit many galleries. Long-term, they foresee no fundamental changes but a possible shift toward local art scenes. They hope Italian institutions will increase support for local artists and that private collectors will rediscover the importance of public institutions.