Art Basel & UBS Art Market Report

March 29 2022

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Posted by Adam Busiakiewicz:

Art Basel and UBS have just published their 2022 Art Market Report (click on the link to read the free report in full). As to be expected, the report is full of rather interesting statistics.

Here are just a handful of noteworthy points I've picked out from the paper:

1. After a decline of 20% in 2020, aggregate sales in the dealer sector reached an estimated $34.7 billion in 2021, increasing by 18% year-on-year, but still below the level of 2019.

2. After a challenging year in 2020, the auction sector rebounded strongly in 2021, with high demand and strong sales both online and  offline, particularly at the high end of the market, as well as an influx of new buyers. Sales at public auction of fine and decorative art  and antiques reached an estimated $26.3 billion, an increase of 47% on 2020.

3. The largest international auction hubs remained the US, China, and the UK, with a  dominant share of 78% of public auction sales by value. China was the largest market with a 33% share (down by 3% year-on-year), marginally ahead of the US (32%). 

4. Just 6% of dealers had sold NFTs in 2021. A further 19% had  not sold NFTs but were interested in doing so in the next one to two years, whereas just under half (46%) reported that they had not done so and had no interest in doing so in future. The remaining 29% were unsure whether they would sell NFTs in future or not.

Click here to read a full write-up from The Art Newspaper.

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