summary of the contemporary art market

The contemporary art market is dynamic and diverse, characterized by a globalized landscape with increasing online sales and digital platforms. Demand for emerging artists is rising, and auction records continue to set new benchmarks. Challenges include issues of authenticity, provenance, and the impact of technology on the traditional gallery model. Art fairs, social media, and blockchain technology are influencing how art is bought and sold, fostering accessibility and transparency. While the market is thriving, questions about sustainability, inclusivity, and the role of traditional institutions persist in shaping the future of contemporary art transactions.

the report 2022

The report proposed by ARTBASE / UBS about the state of the art market is avalaible since a few days. The Art Market 2022 presents the results on the global artmarket in 2021 on the data provided by market participants ( art dealers, art gallery, sales houses, .. ).

Following its biggest recession in 2020, the art market recovered strongly the next year in 2021 surpassing pre-pandemique levels of 2019 . All  segments of art market grew in 2021 but the auction sector showed the strongest advance .

A usual, the Us art market retained its leading position ( 43 % )  ahead of China ( 20 % ) and Uk ( 17% ). The online market has continued to develop .

 

Art sector

Post-War and Contemporary art was the largest sector of fine art with a share of 55 % of the value global fine art auctions sales , then coming the second largest sector by value Modern Art with a share of 22 % .  ( Picasso’s Femme Assise près d’une fenêtre – 1932 – $103.4 million – Christie’s New York)
Dealers remained the most commonly used channel for purchasing art in 2021 ( 76 % with art dealer ) . In 2021, the shift to online was evident ; online purchases ( 44 % )  are almost at the same level as head-to-head purchases ( 42 % ) . However if choising between online or offline, most collectors still preferred to view art for sale in person .

The biggest collectors  reported spending 46% on their purchases with art dealer, art gallery and artfair and 20 % in auction houses .

You can see the document published by Art Basel Ubs for free here  ( pdf ) :  >>>>

or visite the following website to see other informations :              https://www.artbasel.com/about/initiatives/the-art-market