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W W W. M A I N E B I Z . B I Z 11 F E B R UA R Y 2 2 , 2 0 2 1 F O C U S W E A LT H M A N A G E M E N T / R E T I R E M E N T Dinah Minot, executive director of Creative Portland, has a similar observa- tion from a collector's standpoint, saying, "My investment in art is always for per- sonal reasons, whether it's somebody I know or the impact of the art. But many of those investments have turned into becoming collectible artists." Global market, local gallery scene e global art market had $64.1 billion in sales in 2019, or 5% below a year earlier, according to a March 2020 report by Art Basel and UBS. Since then, a mid-year report by the same groups shows that while galleries saw a 36% drop in sales in the first half of 2020 and the majority expected sales to continue to slip in the second half, art buying — especially online — stayed strong, as did interest from high-net- worth collectors. at's also true in Maine, where collectors have long been spoiled for choice when it comes to quality works by artists with Maine ties. e state has a long history of attracting artists from Winslow Homer to Edward Hopper and the Wyeths, and more recently Alex Katz (born in 1927) and Dhalov Ipcar (1917-2017), best known for her colorful paintings of animals. ere's also a growing number of contemporary artists and a lively gallery scene from Portland, which is also home to Maine College of Art, to coastal com- munities including Boothbay Harbor and Rockland. Like other businesses during the pandemic, many Maine galleries, auc- tion houses and dealers have adapted during COVID, through virtual exhibi- tions, online sales and more social media marketing. ey've also unexpectedly benefited from a surge in home-buying and decorating as people unable to travel spend money on art. At the Portland Art Gallery, for example "2020 was our best year by far," says director Emma Wilson. Prices vary widely, ranging from $200 to around $90,000 per artwork. "Before COVID, a good opening would attract 100 to 150 people. When we switched to virtual openings in the Since 1989 Local Decisions Be Budget! 800.924.4229 www.bdtme.com Problems Solved. Budget Document Technology is an industry leader in providing digital solutions for document creation, production, and distribution. • Multi-functional Color & B&W Copiers • Printers & Scanners • Postage & Mailing Equipment • Software & Network Solutions • Managed Print Services Helping Maine get business done! (207) 827-4456 • (800) 648-4202 Old Town • Yarmouth www.sewall.com Consultants in: Engineering | Survey | Energy | Geospatial Solutions | Natural Resources A strong and trusted partner. For 140 years, we've known that perseverance, ingenuity, and taking responsibility for doing things well the first time are the keys to lasting success. As industry pioneers, we are ready to help you improve your communities, your inf rastructure, and our environment. Jodi O'Neal, PE Expert in stormwater management, site design, and permitting C O N T I N U E D O N F O L L OW I N G PA G E » 2020 was our best year by far. — Emma Wilson Portland Art Gallery