In the "Global Art Market Report" published this week by the Art Basel art fair and the major Swiss bank UBS, the economist Clare McAndrew paints a picture for 2021 of a global art market that has emerged stronger from the Corona crisis.
Ursula Scheer
Editor in the Feuilleton.
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Revenue from the sale of art and antiques at galleries and auction houses worldwide totaled an estimated $65.1 billion, up 29 percent year-on-year and higher than 2019.
The United States remains the national market leader with around 43 percent of sales, followed by China and the United Kingdom.
Gallery sales increased 18 percent year over year to $34.7 billion.
However, sales at art fairs accounted for only 29 percent of their annual turnover.
In 2019 it was 43 percent.
Sales from public auctions totaled $26.3 billion, up 47 percent.
China became the largest national market for auctions, with a 33 percent share, followed by the United States with 32 percent.
Online transactions accounted for 20 percent of all retailer sales, more than double last year.
And the boom in NFT trading translated into $2.6 billion in revenue.