Art Basel UBS announces a 22% drop in the art market in 2021

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Art Basel and UBS presented The Art Market, an annual global analysis. It is a reliable reflection of the resilience of the art market after an unprecedented year of blockage. He revealed that global sales of art and antiques reached around $ 50.1 billion in 2020, down 22% in 2019 and 27% since 2018.

The art market covers all aspects of the international market and highlights the most critical developments of the previous year. Written by Dr Clare McAndrew, Founder of Arts Economics, this is an independent and objective study, analyzing the global art market by examining its various segments such as galleries, auction houses, changing patterns of global wealth and art collection, art fairs, online sales and the economic impact of the art market in general.

Key points

Despite its largest drop in sales since 2009, the US market has maintained its leading position, with a 42% share of global sales values, with China and the UK tied at 20%. how the COVID-19 pandemic has impacted different value segments and market sectors. This chapter examines the costs, margins and debt in the industry and the representation of artists. It also discusses the changing priorities and perspectives of dealers in 2021.

The fallout from the COVID-19 crisis has negatively impacted overall dealer sales, with values ​​down 20% to around $ 29.3 billion in 2020, after a marginal increase of 2% in 2019 Auction sales of works of art and antiques. (excluding private sales) amounted to $ 17.6 billion in 2020, a decrease of 30% in 2019. Private sales were conservatively estimated at more than $ 3.2 billion in 2020 (up 36% in 2019). Total auctions, both public and private, are estimated to have reached $ 20.8 billion. An overview of art fairs, report on the dramatic changes to the art fair calendar in 2020 and the impact this has had on art fairs, galleries and collectors. It assesses the outlook for 2021 given the lingering uncertainties, presenting the results of surveys of collectors, art fairs and wealthy dealers (HNW).

Out of 365 global art fairs planned for 2020, 61% were canceled, 37% hosted live events, and the remaining 2% hosted a hybrid and alternative event. The online art market and the rapid evolution of sales in 2021. The chapter shows how the merchant sector has evolved online sales in 2020 and developed online viewing rooms (OVAs). It also shows the growth of online auctions and provides insight into how HNW collectors have engaged with the marketplace online and through social media.

Sales contraction overall, global online sales hit a record high of $ 12.4 billion, doubling in value as of 2019. The potential effects of the pandemic on jobs and the economy on the art market, examining its impact on employment as well as the range of ancillary products and supporting industries related to the art trade. It concludes the report by examining some of the critical issues arising from the crisis in 2020 that may continue to affect the market in 2021. It is estimated that around 305,250 companies were operating in the global art and antiques market in 2020, directly employing approximately 2.9 million people.

Top photo: Art Basel Miami Beach PC Robinson © Artlyst 2021

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