Even in the early days of the shutdown, starting in March 2020, private and online sales were robust by all accounts, as wealthy collectors confined to their homes splurged on new works.
The 2022 edition of the report, released today , is the sixth in a series.
Along with the usual breakdowns of auction sales, dealer sales, and leaders by region, McAndrew also takes a look at NFTs .
market maintained its leading position and was up slightly on the basis of value of worldwide sales, accounting for 43 percent.
sales in 2021 was particularly robust with sales rising by 33 percent to just over $28 billion.
Meanwhile, sales at public auction of fine and decorative art and antiques reached an estimated $26.3 billion in 2021, an increase of 47 percent on 2020.
The volume of transactions on these external NFT platforms also expanded rapidly, growing from just over 755,760 in 2019 to 5.5 million, with collectibles heavily dominating sales .
Christie’s NFT sales totaled $150 million, including the landmark sale of Beeple’s Everydays: The First 5000 Days for $69.3 million in March.
The online market continued to expand, growing by a more moderate seven percent in 2021 and reaching an estimated $13.3 billion.
In 2021, as the fair calendar resumed, even with a reduced number of fairs and limited capacity in some, art fair sales advanced to account for 29 percent of gallery sales , up seven percent in share year-on-year—but still nowhere close to the 43 percent of dealer sales reported in 2019.
This last data point may come as a surprise given the number of dealers who said they would pull back on art fairs after sales remained strong without physical participation during the lockdown period.
Based on surveys of more than 2,300 HNW collectors across ten markets, the UBS Art Basel Report found an increase in spending at high levels in 2021.