ARTS ECONOMICS, ART BASEL, UBS: "THE ART MARKET 2022".

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Date of Publishing: 2022
No. of Pages: 278

The Art Market 2022 presents the results of research on the global art and antiques market in 2021. The information presented in this study is based on data gathered and analyzed directly by Arts Economics (artseconomics.com) from dealers, auction houses, collectors, art fairs, art and financial databases, industry experts, and others involved in the art trade. 

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Contents:

1. The Global Art Market in 2021
1.1. Overview of Global Sales.
1.2. Regional Market Performance.
1.3. Online Sales.
1.4. Art and NFTs in 2021.
2. Key Findings.
2.1. Dealers Surveyed in 2021.
2.2. Dealer Sales.
2.3. Dealer Margins.
2.4. Buyers.
2.5. Art Fairs.
2.6. Online Sales and Strategies.
2.7. Outlook for the Dealer Sector.
2. Dealers. 
3. Auctions.
3.1. Auction Sales in 2021.
3.2. Online Auction Sales.
3.3. Price Segmentation in Fine Art Auctions.
3.4. Fine Art Sectors.

3.5. Post-War and Contemporary Art.
3.6. Modern Art.
3.7. Impressionism and Post-Impressionism.
3.8. Old Masters and European Old Masters. 
4. Collectors.
4.1. Global Wealth in 2021.
4.2. Wealth Distribution and Millionaires. 
4.3. Billionaires in 2021.
4.4. HNW Collector Survey. 
4.5. Description of the HNW Collector.
4.6. The Content of Collections. 
4.7. Expenditure on Art in 2021. 
4.8. Expenditure on Digital Art and NFTs. 
4.9. Buying Channels for HNW Collectors in 2021.
4.10. HNW Collector Perceptions and Motivations.
4.11. HNW Collectors’ Concerns in 2021.
5. Outlook.
5.1. Conclusions.
5.2. Outlook for 2022.

Tables and Figures:
Figure 1.1. Sales in the Global Art Market 2009–2021.
Figure 1.2. Growth in Sales by Value in the Global Art and Antiques Market 2009–2021.
Figure 1.3. Global Art Market Share by Value in 2021.
Figure 1.4. Global Art Market Share of the US, UK, and Greater China 2012–2021.
Figure 1.5. Sales in the Major Art Markets 2009–2021.
Figure 1.6. Online Sales of Art and Antiques 2013–2021.
Figure 1.7. Share of Online Sales in the Art Market versus General Retail 2016–2021.
Figure 1.8. Share of Value of Art and Collectibles in All NFT Sales 2019–2021.
Figure 1.9. Sales of Art and Collectibles NFTs 2019–2021.
Figure 1.10. Share of Primary Versus Secondary Sales of Art NFTs 2019–2021.
Figure 1.11. Share of Primary versus Secondary Sales of Collectibles NFTs 2019–2021.
Figure 1.12. Monthly Values Traded in Art and Collectibles NFTs 2019–2022.
Figure 2.1. Annual Sales Turnover of Survey Respondents in 2021.
Figure 2.2. Dealers’ Number of Years in Business in 2021.
Figure 2.3. Average Change in Sales Values by Dealer Turnover Segment 2020–2021. 
Figure 2.4. Average and Median Sales in the Primary versus Secondary Markets 2020–2021.
Figure 2.5. Average Change in Turnover by Dealer Sector 2020–2021.
Figure 2.6. Fine Art Dealers’ Share of Sales by Value and Medium in 2021.
Figure 2.7. Share of Dealers Selling NFTs in 2021.
Figure 2.8. Share of the Volume of Sales by Dealers 2019–2021. 
Figure 2.9. Share of the Volume of Sales by Price Bracket in 2021. 
Figure 2.10. Dealers’ Outlook for Sales in 2022. 
Figure 2.11. Share of Total Costs for Dealers 2020 versus 2021. 
Figure 2.12. Change in (Net) Profitability 2020 versus 2021. 
Figure 2.13. Number of Buyers in 2021.
Figure 2.14. Share of Dealer Sales to Buyer Groups by Purchase History in 2021. 
Figure 2.15. Share of Dealer Sales by Buyer Type in 2021. 
Figure 2.16. Share of the Value of Dealer Sales by Sales Channel.

Figure 2.17. Share of the Value of Art Fair Sales by Dealers by Year and Level of Turnover 2019–2021.
Figure 2.18. Average Number of Gallery Exhibitions by Year and Level of Turnover
2019–2022. 
Figure 2.19. Art Fairs Held 2019, 2020, and 2021.
Figure 2.20. Number of Art Fairs Held by Region in 2020 and 2021. 
Figure 2.21. Change in Visitor Numbers 2019 versus 2021 – Selected Fairs.
Figure 2.22. Change in Exhibitor Numbers 2019 versus 2021 – Selected Fairs.
Figure 2.23. Average Number of Art Fairs by Year and Level of Turnover 2019–2022. 
Figure 2.24. Dealers’ Outlook for Art Fair Sales in 2022.
Figure 2.25. Dealers’ Share of Online Sales in 2019, 2020, and 2021.
Figure 2.26 | Average Share of the Value of Dealer Sales Made Online in 2019, 2020, and 2021 by Level of Turnover.
Figure 2.27. Share of the Value of Online Sales by Dealers by Buyer Category in 2021.
Figure 2.28. Share of Online Sales by Buyer Category and Level of Dealer Turnover in 2021. 
Figure 2.29. Online Strategies Used by Dealers in 2020, 2021, and Planned for 2022.
Figure 2.30. Most Helpful Online Strategies for Dealers in 2021.
Figure 2.31. Share of Dealers Engaged in Online and Offline Collaborations in 2020, 2021, and Planned for 2022.
Figure 2.32. Dealers’ Outlook for Online Sales in 2022.
Figure 2.33. Dealers’ Views on the Permanence of Pandemic-Led Changes.
Figure 2.34. Top Five Business Priorities for Dealers 2019–2023. 
Table 3.1. Website Metrics of Selected Auction Aggregators and Auction Houses in 2021.
Table 3.2. Annual Growth and Share of Auction Sales by Price Segment 2019–2021. 
Table 3.3. Global Market Share: Old Masters Auction Market in 2021.
Figure 3.1. Global Auction Sales 2019–2021.
Figure 3.2. Global Public Auction Market Share by Value in 2021.
Figure 3.3. Second-Tier Auction House Share of Sales by Sales Channel in 2021. 
Figure 3.4. Number of Buyers in 2021 by Second-Tier Auction House Turnover Level. 
Figure 3.5. Share of Second-Tier Auction House Sales to Buyers by Purchase History
in 2021. 
Figure 3.6. Change in Net Profits for Second-Tier Auction Houses 2021 versus 2020.
Figure 3.7. Increase in Share of Online-Only Sales: Sotheby’s, Christie’s, and Phillips 2009–2021.
Figure 3.8. Share of Online Sales by Second-Tier Auction House Annual Turnover in 2021.
Figure 3.9. Share of Sales via ATG’s Art and Antiques Platforms 2020–2021.
Figure 3.10. Share of Sales via LiveAuctioneers.com 2019–2021.
Figure 3.11. Change in Global Website Traffic Ranking 2017 versus 2021.
Figure 3.12. Share of Online Lots Sold at Fine Art Auctions in 2021. 
Figure 3.13. Share of Online Lots Sold at Fine Art Auctions in 2021 by Price Segment.
Figure 3.14. Share of Online Lots Sold in Total Sales at Fine Art Auctions in 2021 by
Price Segment. 
Figure 3.15. Share of Lots Sold and Total Values at Fine Art Auctions in 2021 by
Price Bracket. 
Figure 3.16. Growth of Sales by Value in Auction Price Segments 2005–2021.
Figure 3.17. Market Share in Auction Price Segments 2009–2021.
Figure 3.18. Market Share of the Fine Art Auction Market by Price Segment in 2021.
Figure 3.19. Market Share by Value of the Fine Art Auction Market: Selected Years
2000–2021. 
Figure 3.20. Market Share by Sector of the Fine Art Auction Market in 2021.
Figure 3.21. Post-War and Contemporary Art Auction Sales: 2009–2021.
Figure 3.22. Market Share of the Post-War and Contemporary Sector in 2021. 
Figure 3.23. Sales in the Post-War and Contemporary Sector Key Markets 2009–2021.
Figure 3.24. Sales by Price Bracket in the Post-War and Contemporary Sector in 2021.
Figure 3.25. Sales of Works by Living versus Deceased Post-War and Contemporary
Artists 2017–2021.
Figure 3.26. Share of Sales by Living versus Deceased Post-War and Contemporary Artists in 2021.
Figure 3.27. Share of Sales within the Post-War and Contemporary Sector in 2021:
Living and Deceased Artists’ Works.
Figure 3.28. Share of Sales of Living Artists’ Works by Price Bracket in 2021.
Figure 3.29. Modern Art Auction Sales 2009–2021.
Figure 3.30. Market Share of the Modern Art Sector in 2021.
Figure 3.31. Sales in the Modern Art Sector Key Markets 2009–2021.
Figure 3.32. Share of Sales in the Modern Art Sector by Price Bracket in 2021.
Figure 3.33. Impressionist and Post-Impressionist Auction Sales 2009–2021.
Figure 3.34. Market Share of the Impressionist and Post-Impressionist Sector in 2021.
Figure 3.35. Sales in the Impressionist and Post-Impressionist Sector Key Markets
2009–2021.
Figure 3.36. Sales by Price Bracket in the Impressionist and Post-Impressionist Sector
in 2021. 
Figure 3.37. Old Masters Auction Sales 2009–2021.
Figure 3.38. Sales in the Old Masters Sector Key Markets 2009–2021.
Figure 3.39. Sales in the Old Masters Sector by Price Bracket in 2021. 
Figure 4.1. Growth and Estimates in Regional and World GDP 2008–2022. 
Figure 4.2. Change in Consumer Prices (Inflation) and Sales in the Art Market
2000–2022. 
Figure 4.3. The Distribution of World Wealth in 2021.
Figure 4.4. Number and Wealth of Dollar Millionaires 2012–2021. 
Figure 4.5. Global Share of the Population of Dollar Millionaires in 2021.
Figure 4.6. Number and Wealth of Billionaires 2008–2021. 
Figure 4.7. Global Share of Billionaires in 2021.
Figure 4.8. Changes in Billionaire Wealth December 2020–December 2021.
Figure 4.9. HNW Collector Survey: Market Summaries.
Figure 4.10. HNW Collectors’ Allocation to Art in Overall Portfolio of Wealth in 2021.
Figure 4.11. Length of Time Collecting by HNW Collector Location.
Figure 4.12. Size of HNW Collector Collections (Number of Works) in 2021. 
Figure 4.13. Collection Content: Share of Works by Artist Status in 2021. 
Figure 4.14. Collection Content: Share of Male versus Female Artists’ Works in 2021.
Figure 4.15. Collection Content: Share of Works by Medium in 2021.
Figure 4.16. Share of HNW Collectors Having Purchased Art, Collectibles, and Luxury Assets in 2020 and 2021. 
Figure 4.17. Median Number of Purchases by HNW Collectors 2019–2021.
Figure 4.18. Median Value of Expenditure by HNW Collectors 2019–2021.
Figure 4.19. Share of HNW Collectors Spending over $1 million on Art and Antiques
by Wealth Level 2019–2021.

Figure 4.20. Median Expenditure by Male versus Female HNW Collectors 2019–2021.
Figure 4.21. Most Common Price Range for Purchasing Works of Art in 2021.
Figure 4.22. Share of HNW Collector Expenditure on Art by Medium in 2021.
Figure 4.23. HNW Collector Average Expenditure on Digital Art in 2021.
Figure 4.24. Share of Expenditure by HNW Collectors Who Bought NFTs in 2021.
Figure 4.25. HNW Collector Expenditure on NFTs by Generation in 2021.
Figure 4.26. Sales Channels used by HNW Collectors for Purchasing in 2021.
Figure 4.27. Use of Online Channels for Purchasing by Generation in 2021.
Figure 4.28. HNW Collectors’ Average Share of Expenditure by Channel in 2021 237
Figure 4.29. HNW Collectors’ First Preferences for Purchasing Art in 2021 238
Figure 4.30. Number of Galleries HNW Collectors Purchased from in 2021 239
Figure 4.31. Preferences of HNW Collectors for Local versus Overseas Galleries in 2022.
Figure 4.32. Share of Galleries that HNW Collectors Purchased From in 2021
by Gallery Focus.
Figure 4.33. HNW Collector Focus Regarding Galleries during 2021.
Figure 4.34. HNW Collector Focus Regarding Artists during 2021.
Figure 4.35. HNW Collector Profiles in 2021.
Figure 4.36. Share of HNW Collectors Having Resold Works from Their Collections in 2020 and 2021.
Figure 4.37. HNW Collector Motivations for Selling Works from their Collections.
Figure 4.38. Top 10 Concerns of HNW Collectors Regarding the Art Market in 2021.
Table 5.1. Outlook of HNW Art Collectors over the Short-, Medium-, and Long-Term.
Figure 5.1. HNW Collector Intentions for Purchases and Sales of Art by Generation
in 2022. 
Figure 5.2. HNW Collector Intentions for Purchases of Art by Medium in 2022.
Figure 5.3. Dealers’ Outlook for Sales in 2022.
Figure 5.4. Second-Tier Auction Houses’ Outlook for Sales in 2022.

Figure A1. Geographical Distribution of Respondents in 2021.
Figure A2. Share of Respondents by Reported Annual Turnover 2019–2021.
Figure A3. Age Profile of HNW Collectors Surveyed in 2021 (All Markets).
Figure A4. Wealth Level of HNW Collectors Surveyed in 2021 (All Markets).
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