Koons, Hirst Woo Collectors as Art Fairs Face Online Challenge

The Internet revolution has at long last reached international art fairs as a new event tests buyers’ willingness to shop online for contemporary works.

Billionaire collectors and their agents spend weeks each year traveling the world to events such as Art Basel, Art Basel/Miami Beach, Frieze and FIAC. Now they are being urged to save time and money -- purchasing from the comfort of their own homes at the virtual VIP Art Fair, announced this month.