Global Art Sales: A Demonstrated Resilience
Despite economic and geopolitical challenges, the global art market has shown resilience with continued growth in art sales. According to the Art Basel and UBS Global Art Market Report 2023, global art sales increased by 3% year-on-year to an estimated $67.8 billion in 2022. This is the second year of growth following a strong rebound in sales of 31% in 2021, which took the market above pre-pandemic levels in 2019.
The main driver of growth in the art market continues to be the high end of the market. Sales of high-end artworks have grown significantly, contributing to the overall growth of the market. Collectors and investors continue to show strong interest in high-end artworks, driving sales and market growth.
Leading Markets: US, UK, and China
The United States remains the most important market in the global art market, with its share of sales by value rising 2% year-on-year to 45%. The U.S. art market experienced one of the most robust recoveries among the major markets, rebounding strongly from the pandemic in 2021 and continuing to grow in 2022. In fact, the U.S. art market reached its highest level to date, with total sales of $30.2 billion.
The United Kingdom returned to second place with 18% of sales, while China’s share fell 3% to 17%, dropping it to third place. These leading markets play a crucial role in driving the growth and development of the global art market, attracting collectors, investors, and art enthusiasts from around the world.
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The Shift to Online Sales: A New Normal
The COVID-19 pandemic accelerated the adoption of digital technologies in the art market, resulting in a significant shift toward online sales. While live events and in-person interactions remain important, online sales have become an integral part of the art market ecosystem.
According to the reports, online sales accounted for 33% of all art sales in 2022. While this represents a slight decline from the peak of 37% in 2021, it is still significantly higher than the 10% share in 2019. The decline in online sales can be attributed to the resurgence of live events and the return of collectors to in-person experiences.
Online sales have not only provided a platform for galleries, dealers, and auction houses to reach a wider audience but have also offered collectors the convenience of purchasing artworks from anywhere in the world. Online-only sales fell to $11.0 billion in 2022, down 17% from the peak in 2021, but still 85% higher than in 2019. This demonstrates the continued appeal and importance of online sales in the art market.
The Rise of Female Artists and Collectors
The reports also shed light on the increasing importance of women artists and collectors in the art market. A higher proportion of female artists in galleries was not a negative factor for sales. In fact, galleries with more than 80% female artists experienced above-average sales growth of 21% in 2022.
Female collectors have also emerged as a significant force in the art market. The reports show that female collectors had higher average spending levels than their male counterparts, with 16% of female collectors having spent more than $10 million in the past two years. Female collectors also had larger collections on average, with one-third owning more than 100 works.
