{"id":155533,"date":"2023-04-15T00:31:06","date_gmt":"2023-04-15T00:31:06","guid":{"rendered":"https:\/\/culture.org\/?p=155533"},"modified":"2023-04-15T00:31:06","modified_gmt":"2023-04-15T00:31:06","slug":"global-art-trade-rebounds-in-2022-exceeding-pre-pandemic-levels","status":"publish","type":"post","link":"https:\/\/culture.org\/art-and-culture\/global-art-trade-rebounds-in-2022-exceeding-pre-pandemic-levels\/","title":{"rendered":"Global Art Trade Rebounds in 2022, Exceeding Pre-Pandemic Levels"},"content":{"rendered":" \r\n\r\n\r\n \r\n\r\n
The global art trade generated $67.8 billion in 2022, marking a 3% increase from 2021 and a 6% increase from the pre-pandemic level of $64 billion in 2019.<\/span><\/p>\n This growth was supported by bustling art fairs, successful high-end auctions, and busy in-person exhibition schedules.<\/span><\/p>\n However, the 2022 picture for dealers, auction houses, and other players in the trade was one of “muted growth.”<\/span><\/p>\n The US remained the largest national market in the art trade, occupying 45% of the total value share, up 2% from last year.<\/span><\/p>\n Sales in the US increased by 8% to around $30.2 billion in 2022.<\/span><\/p>\n The UK and China ranked second and third, with 18% and 17% of sales, respectively.<\/span><\/p>\n The UK replaced China as the second-largest market hub, which fell by 3% in market share from 2021.<\/span><\/p>\n Gallery sales reached $37.2 billion in 2022, a 7% increase from 2021. However, smaller galleries faced challenges as rising operating and logistical costs put increased pressure on dealmaking.<\/span><\/p>\n Gallerists with annual sales of $250,000 or less saw a 3% drop in sales in 2022.<\/span><\/p>\n Public auction sales reached $30.6 billion, down 2% from 2021 but still 11% higher than the pre-pandemic 2019 level. Private sales at auction houses generated $3.8 billion, down from the $4.1 billion reported in 2021.<\/span><\/p>\n Gallery sales reached $37.2 billion in 2022, a 7% increase from 2021. However, smaller galleries faced challenges as rising operating and logistical costs put increased pressure on dealmaking.<\/p>\n <\/span>\r\n\r\n Art-related NFT sales saw the market’s most significant decline in the last year.<\/span><\/p>\n NFT sales via online platforms accounted for sales of close to $1.5 billion in 2022, a 50% drop from the $2.9 billion seen in 2021.<\/span><\/p>\n Many collectors shifted their focus away from art-related NFT sales.<\/span><\/p>\n E-commerce, which allowed dealers and auction houses to survive the global COVID-19 pandemic, saw a further reduction in 2022 as businesses and collectors began operating on busier in-person schedules.<\/span><\/p>\n Online-only sales fell to $11 billion, dropping 17% from their 2021 peak of $13.3 billion but still 85% higher than in 2019.<\/span><\/p>\n Online sales represented 16% of the art market’s 2022 sales volume overall, down 4% year-on-year.<\/span><\/p>\n Despite a slight drop in auction sales from 2021, all three major houses\u2014Christie’s, Sotheby’s, and Phillips\u2014achieved a record high in 2022, with combined annual revenues of $17.7 billion.\u00a0<\/span><\/p>\n This highlights the strength at the top end of the market.<\/span><\/p>\n The global art market’s recovery in 2022 demonstrates its resilience in overcoming the challenges posed by the pandemic.<\/span><\/p>\n However, the mixed results for dealers, auction houses, and the decline in NFT sales reveal a more complex picture beneath the surface.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":18,"featured_media":155534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-155533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-art-and-culture"],"acf":[],"_links":{"self":[{"href":"https:\/\/culture.org\/wp-json\/wp\/v2\/posts\/155533"}],"collection":[{"href":"https:\/\/culture.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/culture.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/culture.org\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/culture.org\/wp-json\/wp\/v2\/comments?post=155533"}],"version-history":[{"count":0,"href":"https:\/\/culture.org\/wp-json\/wp\/v2\/posts\/155533\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/culture.org\/wp-json\/wp\/v2\/media\/155534"}],"wp:attachment":[{"href":"https:\/\/culture.org\/wp-json\/wp\/v2\/media?parent=155533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/culture.org\/wp-json\/wp\/v2\/categories?post=155533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/culture.org\/wp-json\/wp\/v2\/tags?post=155533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Dominance of the US Art Market<\/strong><\/h2>\n
Mixed Results for Dealers and Auction Houses<\/strong><\/h2>\n
\r\n \r\n \r\n \r\n
Shift in Art-Related NFT Sales<\/strong><\/h2>\n
Changing Landscape of Digital Commerce<\/strong><\/h2>\n
Record Year for Major Auction Houses<\/strong><\/h2>\n