Key findings as follows:

Global Sales: Following its biggest recession in 10 years in 2020, the global art market recovered strongly in 2021, with aggregate sales of art and antiques by dealers and auction houses reaching an estimated $65.1 billion, up 29% from 2020, with values also surpassing pre-pandemic levels in 2019.

Leading Markets: The US market retained its leading position, shifting up slightly to 43% of worldwide sales by value. The Chinese art market was the second largest art market with 20%, while the UK slipped back to third place and 17%.

Dealer Figures: After a decline of 20% in 2020, aggregate sales reached an estimated $34.7 billion in 2021, increasing 18% year-on-year but still below the level of 2019. Across all dealers, a majority (61%) reported an increase in sales values year-on-year from 2020, 13% were stable, and 26% experienced a decline.

Auction Figures: Sales at public auction of fine and decorative art and antiques (excluding auction house private sales) reached an estimated $26.3 billion in 2021, an increase of 47% on 2020 driven by the supply of high-quality works coming onto the market, as well as an influx of new buyers.

NFTs: In 2021, 74% of HNW collectors surveyed by Arts Economics and UBS Investor Watch, had purchased art-based NFTs, with a median expenditure in this category of NFTs totaling $9,000 each. NFT sales also entered the traditional art market’s auction sector in 2021, but at limited values thus far.

Online Sales: The online market continued to expand, growing by a more moderate 7% in 2021 to reach an estimated $13.3 billion. Top-tier auction houses continued to introduce new formats and invested substantially in the quality and delivery of live-streamed and online-only auction platforms – the former producing some of the most successful live sales of the year – enabling a more continuous, year-round schedule rather than the traditional seasonal cycle of sales.

Art Fairs: In 2021, as the fair calendar resumed, even with a reduced number of fairs and limited capacity in some, art fair sales advanced to 29% (including OVRs) of dealer sales, up 7% in share year-on-year, but still nowhere close to the 43% reported in 2019.

HNW Collectors: Surveys of 2,339 HNW collectors conducted by Arts Economics and UBS Investor Watch across ten markets showed increased spending at high levels in 2021, with collectors having purchased more art and antiques in 2021 on average than they did in 2019 and 2020, reinforcing their importance in maintaining the strength of the art market during the pandemic.

Extract from Report by Dr Clare McAndrews