Art market sales grow to pre-pandemic levels in 2021: Report

Harmony Cardenas

The private art industry saw its revenue finally exceed pre-pandemic concentrations.

The artwork market place saw a 29% enhance in product sales yr-over-year, reflecting the increased investing on superior-end luxuries in the next yr of the pandemic.

Additional than $65.1 billion truly worth of artwork was procured in 2021, according to the 2022 Art Basel and UBS World-wide Art Marketplace Report.


“The artwork sector has demonstrated incredible resilience in 2021, with a sturdy uplift in aggregate profits, regardless of nonetheless functioning beneath some pretty complicated problems,” mentioned Clare McAndrew, founder of Dublin-primarily based Arts Economics. “Dealers and auction homes correctly adjusted to a new two-tier process of on-line and offline product sales and situations, and the rising prosperity of the superior-internet-worth collectors assisted to assist demand at the bigger conclude of the market.”

The United States was the most important driver of this sector, getting about $28 billion in art in a one yr. China was 2nd, with $13.4 billion obtained by its inhabitants. The United Kingdom was the third-optimum purchaser, with $11.3 billion.

An estimated $64.1 billion truly worth of artwork was acquired in 2019, only for gross sales to plummet substantially in 2020 to about $50.1 billion.

The vast majority of information for Art Basel’s survey attracts on public auction data and surveys of personal sellers. Dealers declare that they bought $34.7 billion worthy of of art in 2021, an 18% enhance in revenue for that calendar year. These exact dealers claimed that product sales and profits were being up significantly.

Click In this article TO Study Much more FROM THE WASHINGTON EXAMINER

Artwork auction properties also reported notably superior figures in the final calendar year. Sotheby’s noted marketing far more than $7.3 billion in products in 2021, a 32% enhance in income from 2020, and British auction residence Christie’s claimed it bought $7.1 billion of products in 2021, its most effective in 5 many years. The enterprise only bought $4.4 billion value of solutions in 2020 and $3.6 billion in 2019. These profits were being also impacted by the auction houses’ selling nonfungible tokens, or NFTs, which accounted for $150 million of Christie’s 2021 income.

Luxury product sales went significantly up in 2021 in a number of markets, including luxury vehicles, boats, and private jets.

Next Post

Intimate Spring: landscape photography with a difference

April 7, 2022 Three photographers discuss the art and craft of intimate spring photography, and how to make your images stand out from the rest, with Claire Gillo Now that Spring is upon us, why not try getting creative with your landscape and nature photography? Photographers Charlotte Gibb, Mark Gilligan […]

You May Like