ART MARKET WATCH H2.2021
Art Year 2021:
Auction market grows, art trade struggles
Future of trade fairs unclear. NFTs are booming.
Traditional art markets and NFT markets are intertwining.
by Ruth Polleit Riechert // released for publication – proof requested
All figures from auction sales last year and the results of surveys of galleries, dealers and collectors have now been published. This provides an estimate of how the art market performed in 2021. What are the key findings?
Sales on the art market have grown overall, but only auction houses have recorded a strong increase
Although the total estimated sales on the art market in 2021 increased compared to 2020 and are even more positive than in 2019, only the auction houses benefited from this - they sold 47 percent more than in the previous year. Total estimated sales rose to 65.1 billion US dollars and amounted to 26.3 billion US dollars for auction houses.
US dollars and among the dealers and galleries surveyed at 34.7 billion US dollars.
By region, the highest sales were achieved in the USA, followed by China and the UK. Germany is behind France at just 2 percent, according to the Art Basel & UBS Report 2022.
Galerien und Händler erzielten dagegen weniger Umsatz als im Jahr 2019. Zukunft von Messen unklar.
For dealers and galleries, sales rose by 18 percent in 2021 compared to the recession year of 2020, but fewer were sold than in 2019. One reason for this could be the declining number of fairs: at least 30 percent of art events have ceased operations since 2019. Only high-end galleries were able to record an increase in the area of high-priced works of art of over 5 million US dollars. In Germany, an above-average number of dealers, namely 19 percent, expect a deterioration in 2022.
Share of digital art in all purchases by HNW collectors is growing
Digital art accounted for 11 percent of all purchases by high-net-worth (HNW) art collectors in 2021. Clare McAndrew surveyed more than 2,000 HNW collectors, who have personal assets of more than $1 million, about their purchasing activities in 2021. After paintings, digital art is the second category that collectors said they would like to buy in 2022. The anti-counterfeiting of digital art using blockchain technology is thus having a positive impact. Until now, digital art was unattractive for retailers because it was considered uncounterfeitable and tradable. Online sales had already doubled in 2020 compared to 2019, at $12.4 billion. In 2021, online sales rose further by 7 percent to an estimated $13.3 billion.
The headquarters of Christie's at Rockefeller Plaza in New York. Photo: Leonard Zhukovsky / Shutterstock
New generation of art collectors: young collectors in particular spent twice as much on art as in the previous year
Art collectors spent twice as much on art as they did last year, especially young collectors. Average spending on fine art, decorative arts and antiques rose from $72,000 in 2019 to $126,000 in 2020, and doubled to $274,000 in 2021. This was largely driven by baby boomer collectors, who also reported the highest average total value at $346,000. According to the survey by insurer Hiscox, three in ten (31 percent) young collectors said they bought their first artwork online. Nearly half (47 percent of new art buyers who started buying art less than three years ago) also said they bought their first artwork online. The online art market has become an entry point into the art world for new art buyers, many of whom have never set foot in a gallery or auction before.
DISCLAIMER
right
All rights reserved. No part of this publication may be reproduced, stored in a database system or transmitted in any form or by any means, electronic, mechanical or otherwise, without the prior written permission of Dr. Ruth Polleit Riechert | RPR ART. The author and RPR ART assume no liability for the actions of third parties in this regard.
Disclaimer
This report and the information contained therein are provided by Dr. Ruth Polleit Riechert | RPR ART for information and marketing purposes only and are not tailored to the specific needs, investment objectives or personal and financial circumstances of any recipient. The document is neither investment advice nor a sales prospectus, an offer or a solicitation of an offer for an investment activity. The document does not constitute legal, tax, accounting, regulatory or other professional or technical advice or investment advice or a personal recommendation.
Past performance is not an indicator of future results. Dr. Ruth Polleit Riechert | RPR ART is not obliged to update or keep the information contained herein current. Dr. Ruth Polleit Riechert | RPR ART accepts no liability for any loss or damage arising from the use of this document or any part thereof or from reliance on the information contained herein.
Memberships:
Association of German Art Historians
Digital Art History Working Group
German Castle Association
© 2022 Dr. Ruth Polleit Riechert | RPR ART
When publishing please note:
Source: Art Market Watch H2.2021, Dr. Ruth Polleit Riechert | RPR ART
Please send proof to: Dr. Ruth Polleit Riechert, contact@rpr-art.com