Global Art Market Shrinks by 22% in 2020

March 19 2021

Image of Global Art Market Shrinks by 22% in 2020

Picture: Artdaily.com

Posted by Adam Busiakiewicz:

Figures from the latest annual Art Basel and UBS Art Market report have suggested that the global art market shrank by 22% over the pandemic year. The report shows that that combined dealer and auction house sales totalled $50.1 billion, the lowest level since the financial crash supposedly.

Some of the key figures:

- Dealer sales declined an aggregate 20%, to $29.3 billion.

- Public auctions, many of which were conducted in online-only formats, were down 30%, to $17.6 billion.

- Private transactions at auction houses were up 36%, to $3.2 billion.

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