ARTS ECOMONICS, UBS, ART BASEL: "THE ART MARKET MID-YEAR REVIEW 2021".

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Date of Publishing: 2021
No. of Pages: 137

 Resilience in the Dealer Sector, A Mid-Year Review presents the results of research on the global dealer sector carried out by Arts Economics in 2021. This research aims to provide some initial feedback on how the dealer sector has fared in the first half of 2021, focusing on employment and sales. As sales have continued to move online, and more art is sold outside of the traditional gallery and dealer framework, this report also offers an opportunity to reflect on why collectors still prefer to buy from dealers and the critical roles they play and value they add to the art market in 2021. It is based on a global survey of dealers conducted by Arts Economics in July 2021.

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 Contents:

1. Introduction and Methodology.
1.1. Description of the Dealers Surveyed.
2. Gallery Structures and Employment Trends.
2.1. Business Structures in the Dealer Sector.
2.2. Employment in the Dealer Sector.
2.3. Remote Working in the Dealer Sector.
2.4. Employment Outlook.
Exhibit 1: Recruitment Trends in the Gallery Sector 2021.
3. Sales.
3.1. Sales in the Dealer Sector.
3.2. Dealers' Sales Channels.
3.3. Online Sales.
3.4. Profitability and Outlook.
4. Collector Perspectives.
4.1. Description of the HNW Collector Sample. 
4.2. Description of Collections.
4.3. HNW Collector Expenditure.
4.4. Purchasing Channels.
5. The Role of Dealer in 2021.
5.1. The Role of Dealer.
5.2. Dealers’ Roles in Artists’ Careers.
5.3. Dealers’ Priorities in 2021.
Figure 1.1. Geographical Distribution of Survey Respondents.
Figure 1.2. Annual Sales Turnover (2020) of Survey Respondents.
Figure 1.3. Number of Years in Business.
Figure 2.1. Dealer Business Premises and Structures.
Figure 2.2. Operating Statuses of Dealers in 2020 and 2021.
Figure 2.3. Change in Dealer Employment in 2019-2020 and 2020-H1 2021.
Figure 2.4. Gender Profile of Dealer Employment in H1 2021.
Figure 2.5. Age Profile of Dealer Employment in H1 2021.
Figure 2.6. Gender Profile of Senior Management in the Dealer Sector in H1 2021. Figure 2.7. Share of Employees with Third-Level Degrees in the Dealer Sector in H1 2021.
Figure 2.8. Share of Businesses with Employees Engaged in Remote Work in the Dealer Sector in H1 2021.
Figure 2.9. Share of Remote Working as a Percentage of Total Employment in the US in June 2021.
Figure 2.10. Dealers’ Projected Change in Employment in H2 2021.
Figure 2.11. Share of Dealers’ Total Operating Costs 2019-2021.
Figure 3.1. Average Change in Sales by Dealer Turnover Segment H1 2020 to H1 2021.
Figure 3.2. Factors Negatively Affecting Dealer Sales in Europe.
Figure 3.3. Dealers’ Share of Sales by Value and Medium in H1 2021.
Figure 3.4. Share of Dealer Sales by Value by Sales Channel H1 2021.
Figure 3.5. Average Share of Online Sales by Dealer Annual Turnover Level.
Figure 3.6. Share of Online Sales by Buyer Category in H1 2021.
Figure 3.7.Predicted Change in Net Profitability in 2021 versus 2020.
Figure 3.8. Dealers’ Views on Future Sales.
Table 4.1. Outlook of HNW Collectors over the Short, Medium, and Long-Term 100 Figure 4.1. Age Profile of HNW Collectors Surveyed (All Markets).
Figure 4.2. Wealth Level of HNW Collectors Surveyed (All Markets).
Figure 4.3. HNW Collectors’ Allocation to Art in Overall Portfolio of Wealth.
Figure 4.4. Length of Time Collecting By Market.
Figure 4.5. Size of HNW Collectors’ Collections (Number of Works).
Figure 4.6. Collection Content: Share of Works Purchased by Medium.
Figure 4.7. Share of HNW Collectors Having Purchased Art, Collectibles, and Luxury Assets in Last Two Years.
Figure 4.8. Median Value of HNW Collector Expenditure on Art and Antiques.
Figure 4.9. HNW Collector Expenditure on Art by Medium in H1 2021.
Figure 4.10. Median Expenditure 2019 to H1 2021 by Male versus Female HNW Collectors ($ Thousand).
Figure 4.11. Most Common Price Range for Purchasing Works of Art in H1 2021.  Figure 4.12. Sales Channels used for Purchasing in 2020 and H1 2021.
Figure 4.13. HNW Collector First Preferences for Purchasing Art.
Figure 4.14. HNW Collector Preferences for Purchasing Art through a Gallery or Dealer Figure 4.15. Number of Galleries HNW Collectors Purchased from in 2020 and H1 2021.
Figure 4.16. HNW Collector Preferences for Local versus Overseas Galleries in H1 2021 Figure 4.17. HNW Collectors’ Focus Regarding Galleries during H1 2021.
Figure 4.18. Collectors’ Focus regarding Artists during H1 2021.
Figure 4.19. HNW Collectors’ Attendance at Exhibitions and Events in 2019, 2020, and Planned in 2021.
Figure 4.20. HNW Collectors’ Intentions for Purchases and Sales of Art in 2021.
Figure 4.21. HNW Collectors’ Intentions for Purchases of Art by Medium in 2021.
Figure 5.1.Sales of NFTs on Ethereum.
Figure 5.2. Share of NFT Sales by Value and Category.
Figure 5.3. Dealers’ Views on Sales on External Online Platforms.
Figure 5.4. Main Reasons for HNW Collectors Preferring to Purchase from a Dealer.  Figure 5.5. Most Important Role of a Dealer in Building Collections.
Figure 5.6. Perceived Importance of Institutions in Artists’ Careers.
Figure 5.7. Share of the Number of Exhibitions by Institutions at Artists’ Career Stages Figure 5.8. Number of Institutions Exhibiting at Artists’ Career Stages.
Figure 5.9. Share of Exhibitions of Top-Tier Galleries versus All Other Galleries for Star Artists.
Figure 5.10. Dealers’ Top Priorities for their Businesses (Share of Respondents).