Art Market Growth
Art Market Growth: The Art Basel and UBS report shows that the global art market has grown at an average annual rate of 6% over the past 50 years, outpacing inflation and demonstrating the potential for sustained growth.
Global Art Market Size:
The global art market reached a total sales value of $50.1 billion in 2020, rebounding strongly after a temporary dip due to the pandemic (Art Basel and UBS).
The market has shown steady growth over the years, with the global art market size increasing at a compound annual growth rate (CAGR) of 7% from 2010 to 2020 (Art Basel and UBS).
Market Growth Drivers:
Increasing demand from emerging markets has contributed to the growth of the art market. In 2020, China became the largest art market globally, accounting for 23% of total sales by value (Art Basel and UBS).
Wealth creation and an expanding global collector base, including high-net-worth individuals and new art buyers, have also fueled market growth.
Post-War and Contemporary Art Market:
The market for post-war and contemporary art has experienced remarkable growth. From 2000 to 2020, sales in this segment increased by 1,370% (Art Basel and UBS).
Contemporary art has become an important category within the art market, attracting both seasoned collectors and new buyers with its dynamic and innovative expressions.
Online Art Market:
The online art market has seen significant growth in recent years, driven by advancements in technology and changing buyer preferences. Online sales accounted for 25% of total global art sales in 2020 (Art Basel and UBS).
The Hiscox Online Art Trade Report 2021 revealed that 79% of surveyed galleries reported online sales as a greater proportion of their total sales in 2020 compared to the previous year.
Art Fairs and Auctions:
Art fairs and auctions play a significant role in the art market. Major art fairs attract collectors, galleries, and art enthusiasts from around the world, fostering art sales and market visibility.
High-profile auctions, conducted by renowned auction houses such as Sotheby's and Christie's, generate substantial sales and set price benchmarks for artworks.
The global art market has shown long-term growth. Over the past 50 years, the market grew at an average annual rate of 6%, outpacing inflation and demonstrating its potential for sustained growth (Art Basel and UBS).
Market Transparency and Research:
Improved market transparency, aided by online platforms and art market databases, provides access to sales data, research reports, and market insights.
Research reports and indices, such as those published by Art Basel, UBS, Artprice, and Artnet, offer valuable information on market trends, performance, and analysis.