Global Art Market Reaches $67.8 Billion with Signs of Cooling Growth.
TL;DR
The annual Art Basel and UBS Global Art Market Report has revealed that the worldwide art and antiques sales reached an estimated $67.8 billion in 2022, up 3% compared to the previous year, lifting the market higher than its prepandemic level in 2019. The report found that high-end dealers and auction houses drove growth, but smaller players have had a harder time recovering. The report also noted that the speculative trade in art-related NFTs contracted in 2022, declining 49% year-on-year, but sales were still more than 70 times higher than they were in 2020.
- Art Market Has Climbed Above Prepandemic Level, Major Study Says The New York Times
- Global art market 'beginning to cool', according to latest Art Basel/UBS report Art Newspaper
- The Latest UBS Art Basel Report Puts the Global Art Market at $67.8 Billion, Indicating Modest Growth Amid Economic Uncertainty artnet News
- Art Mirrors Luxury: NFTs Are Out, Warhol Is In Thanks to Richest US Collectors Bloomberg
- Global Art Sales Reach $67.8 Billion Showing Signs of ‘Muted Growth’ ARTnews
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