The global art market has rebounded strongly in 2021 despite the challenges of the pandemic, according to a global art market report released on Tuesday.
Total sales, including dealer and auction house sales, jumped 29% from 2020 to around $65.1 billion last year, surpassing pre-pandemic levels in 2019, according to the annual report published jointly by Art Basel and UBS and written by Clare McAndrew. , founder of Dublin-based Arts Economics.
“The art market has shown incredible resilience in 2021, with a strong increase in overall sales, although it is still operating under very difficult conditions,” McAndrew said in the report. “Dealers and auction houses have successfully adapted to a new two-tier system of online and offline sales and events, and the growing wealth of wealthy collectors has helped sustain demand at the upper end of the market.”
According to the report.
Additionally, 74% of HNWIs surveyed purchased non-fungible art-based tokens, or NFTs, in 2021, with a median price of $9,000 each, according to the report.
The findings are based on a survey of 2,339 high net worth individuals across 10 major markets and form part of the wide-ranging report on the state of the global art market.
Dealership sales were approximately US$34.7 billion in 2021, up 18% year-over-year. Public auction house sales, excluding private sales, reached about $26.3 billion in 2021, a 47% increase from a year ago, according to the report.
Geographically, the United States still dominates, accounting for US$28 billion or 43% of total global art and antiques sales in 2021. Greater China was the second largest with a 20% market share, or 13.4 billion US dollars in sales.