According to the latest annual, in 2020, global sales of art and antiques declined by 22 percent over the previous year. Art Basel and UBS Art Market Report, Published on Tuesday.
The 359-page report, the most comprehensive analysis of the impact of the coronovirus epidemic that has impacted international art trade to date, found that combined dealer and auction house sales totaled $ 50.1 billion, their lowest since the 2009 financial crisis. Was level.
Together Art fair postponed And Gallery closed, Dealer sales fell 20 percent to $ 29.3 billion in 2020, while public auctions, many of which were held in online-only formats, were down $ 30.6 billion, down 30 percent. One bright spot, according to the report, was in private transactions at auction houses, which grew by 36 percent to $ 3.2 billion.
“It could have been worse, drawn from publicly available data and estimates based on survey responses to 1,715 art and antique dealers,” said economist Claire McAndrew, the report’s author.
“The second half of the year was better for a lot of people,” McAndrew said in an interview. “There was a big shift for online sales and some galleries in Asia made a really strong comeback.”
The report states that the number of billionaires has increased by 7 percent in 2020, while their wealth has been increasing by 32 percent in a year. “On the buying side, there were a lot of people who had a lot of time and cash, and not a lot of outlets for their spending,” McAndrew said.
The report found that online sales of art and antiques reached an estimated high of $ 12.4 billion in 2020, more than double the previous year, accounting for 25 percent of the market’s value.
According to the report, the tectonic plates of the art trade also shifted during the 2020 epidemic. The United States remained the largest market with a combined auction and dealer sales of $ 21.3 billion in total, followed by China, whose report defines mainland China, Hong Kong and Taiwan. China was back in second place with $ 9.9 billion, surpassing China, with sales of $ 10 billion, being able to lift sanctions related to coronoviruses compared to Western economies. China also became the world’s largest center for auction sales, with $ 6.3 billion.
Report, Art Basel, commissioned by one of the World’s largest art fair organizerSaid 61 percent of the 365 fairs planned for 2020 were canceled, but most of those scratched events offered either an online viewing room or some other digital option. As a result, dealers reported making 22 percent of their annual sales from the fairs, including online viewing rooms, about half a percent of what they were taking from the fairs in 2019.
“We do not sell major works online at art fairs,” said Thadeius Ropac, a merchant of contemporary art with galleries in Paris, and Salzburg in London.
As for the online viewing room, he said, “We are worked by some younger artists for people we don’t know.”
But during the epidemic, Ropac said he saw a renewed desire among his established customers to purchase high-value works that he had not personally seen. Next month, Ropac plans to offer a series of new large-scale works German painter Georg Baselitz In her Salzburg gallery, each cost around 1.2 million euros, or $ 1.4 million.
“Ninety percent of these people will sell to people who haven’t seen the painting,” Ropeck said. He estimated that his dealership sales had decreased by about 25 percent in the past year, but he managed to retain a staff of more than 100 employees.
Although the Art Basel and UBS report includes little specific data on the gallery’s closure, it was estimated that employment in the art market had shrunk by 5 percent in 2020, including a “significant decline” at some top-end auction houses was.
With many countries experiencing renewed experience of coronovirus infection, the author of the report, McAndrew, said she was not expecting the art trade to soon return to anything like normalcy.
“I see it as another transitional year. Nobody expected that it would drag on for so long, ”he said, adding that many government-backed measures to support employers would end this year. “I suspect we may see more businesses in trouble.”
But speaking of the transition, she did what the market’s latest frenzy was for the nonprofit Token, or NXT, which culminated last week in the JPG file by digital artist Biplub Record sales for $ 69.3 million Christy’s in?
According to McAndrew, that sale would be included in the 2021 Art Basel and UBS report, but its current methodology did not include NFT-specific sales platforms such as Nifty Gateway and Open Sea, where other Beeple works were sold for $ 6.6 million Was. .
“NXTs got me interested, going forward,” McAndrew said. “Is my $ 50 billion shrinking?” And is the outdoor activity going to be more? “