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Search Art Basel and UBS Global Art Market Report: Online sales reached record highs in 2020, doubling in value Zurich 16 Mar 2021, 08:00 CET Media Global Media Switzerland Media Releases Americas Media Releases APAC
Global sales of art and antiques were an estimated $50.1 billion in 2020, down 22% on 2019
Online sales doubled in value to 25%
Strong drive by collectors to support the arts with female collectors spending the most
Zurich, 16 March 2021 – Art Basel and UBS announced today the publication of the fifth Art Basel and UBS Global Art Market Report, authored by renowned cultural economist Dr Clare McAndrew. The report integrates insight from a recent survey of 2,569 high-net-worth (HNW) collectors, conducted by Arts Economic
The global art market dipped 22% year-on-year, to $50.1 billion; revenue was driven by online sales, increased collecting by millenials and women.
The art market rapidly pivoted online in a dramatically shifting landscape in 2020, reveals the 2021 Art Basel and UBS Global Art Market Report. The fifth edition, The Art Market 2021, written by renowned cultural economist Dr. Clare McAndrew, founder of Arts Economics, offers insights into a global market that dipped by 22% amid widespread lockdown conditions.
Art Basel in Basel 2019. © Art Basel The art market was uniquely placed to struggle with the realities of the COVID-19 pandemic in 2020 as it is populated by mainly small businesses that rely on discretionary purchasing, travel and personal contact, said Dr. McAndrew. The fall in sales was inevitable. But the crisis also provided the impetus for change and restructuring, the most fundamental shift being the rollout of digital strategies and online sales, which had lagged