Park West Gallery Posts Record January Profits During Pandemic
With artworks selling from under $500 to as much as $500,000, the world's largest art dealer posts record January year-over-year profits
LAS VEGAS, March 5, 2021 /PRNewswire/ -- The last weekend of February was a big one for Park West Gallery. The international art dealer hosted a record-breaking, in-person event at its new museum and gallery in Las Vegas while its live-streaming online art auctions posted their highest sales numbers ever.
Showing its commitment to providing art for every level of collector, during the weekend, Park West sold 699 works priced under $500 to its online collectors while also providing, one fortunate high-end collector, an original Rembrandt etching for over $500,000.
What's perhaps even more impressive is that, in addition to its unprecedented weekend sales, the art dealer—known for its popular live auctions on cruise ships—is now seeing year-over-year growth despite the ongoing pause in global cruise travel.
"When the pandemic began, we had a goal," said Albert Scaglione, Founder and CEO of Park West Gallery. "We wanted to emerge from the crisis stronger than before. I'm thrilled to announce that, as we approach the one-year anniversary of the pandemic, we're showing a 16% year-over-year increase in our bottom line for the month of January. With tens of millions of dollars of income missing this January from the sales on cruise ships and hotels, to have this happen is simply incredible."
Park West's weekly live online art auctions are now the company's mainstay. Collectors have embraced the program, which allows them to collect new works of art and watch live-streaming interviews with artists from the comfort of their own home. The London-based international insurance group Hiscox recently released a report citing a 524% increase in global online art auction sales from 2019 to 2020.
Park West's most recent online auction weekend on February 25-28—which featured artists like Mark Kostabi, Nano Lopez, Autumn de Forest, and Yaacov Agam—was the highest grossing online weekend since Park West debuted its live online auctions in April 2020.
Another essential element of Park West's growing success over the past year has been the re-emergence of its auction weekends at luxury hotels across the United States. As COVID restrictions have lifted, Park West has worked diligently with some of the world's biggest hotel chains to hold select, in-person events for its top collectors.
"The safety of our clients is our number one priority," said John Block, Park West's Executive Vice President. "Thankfully, we've been able to produce some fantastic events that strictly adhere to COVID guidelines and also give our collectors the ability to finally come out of their homes and interact with our art and artists in person."
While Park West was breaking sales records online last weekend, they were also hosting a collectors' weekend in Las Vegas, which ended up being one of the most successful live events in the company's history. The event highlighted artists like Las Vegas legend Michael Godard, popular Detroit artist Tim Yanke, and the hugely talented Miami-based artist Kre8, who sold out every auction that weekend.
One particular highlight from the Las Vegas event was the sale of an original etching by the Dutch master Rembrandt van Rijn, produced during the artist's lifetime, which sold for $530,000. Michael Godard and Rembrandt each reached over 1 million in sales. Nano Lopez and rising superstar Kre8 each reached over $500,000, while mainstays Yanke, Coleman, and Kostabi along with the young prodigy Autumn each sold over $200,000 in incredible new, original art.
The weekend also gave collectors the chance to explore the new 7,000-square-foot Park West Fine Art Museum & Gallery in Las Vegas, which the art dealer opened at the Forum Shops in Caesars Palace in December.
"2020 was a very hard year," said Scaglione. "But I am endlessly proud that, as an organization, Park West was able to find a way to stay true to our mission and show that art is essential to both humanity and the global economy. The world needs art and I believe art will always be a growth industry if you can find the right way to share it with the public. Believe me, we have big plans for 2021 and beyond."
Scaglione notes that, in addition to continuing to grow its online and hotel events, Park West is also planning on opening more gallery locations across the nation and happily returning to its cruise ship galleries when cruise lines resume regular voyages.
About Park West Gallery
Park West Gallery is the world's largest art dealer, bringing the experience of collecting fine art to more than 3 million customers since 1969. You can learn more about Park West Gallery and its over 50-year history at http://www.parkwestgallery.com
Park West also hosts live-streaming online art auctions every weekend. To learn more about Park West's online collecting events, visit https://www.parkwestgallery.com/online/
CONTACT: Tom Burns
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SOURCE Park West Gallery
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