{"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":"           <!--  <script type=\"text\/javascript\">\r\n                jQuery(document).ready(function() {\r\n                    jQuery(\".key-accordion-item .key-menu\").on(\"click\", function() {\r\n                        if (jQuery(this).parent().hasClass(\"active\")) {\r\n                            jQuery(this).next().slideUp();\r\n                            jQuery(this).parent().removeClass(\"active\");\r\n                        } else {\r\n                            jQuery(\".key-content\").slideUp();\r\n                            jQuery(\".key-accordion-item\").removeClass(\"active\");\r\n                            jQuery(this).parent().addClass(\"active\");\r\n                            jQuery(this).next().slideDown();\r\n                        }\r\n                    });\r\n                })\r\n            <\/script> -->\r\n\r\n\r\n            <!-- start html -->\r\n\r\n            <div class=\"news-key-takeaway-wapper\">\r\n                                <span style=\"background-color:#4db2ee;\">Key Takeaways<\/span>\r\n                <ul class=\"news-key-nbox\" style=\"border-color:#4db2ee;background-color:rgba(77, 178, 238, 0.1);\">\r\n                                                        <li>The global art trade rebounded in 2022, exceeding pre-pandemic levels, generating $67.8 billion and marking a 3% increase from 2021 and a 6% increase from the pre-pandemic level in 2019.<\/li>\r\n                                                                    <li>The US remained the largest national market in the art trade, occupying 45% of the total value share, with sales increasing by 8% to around $30.2 billion in 2022. The UK replaced China as the second-largest market hub.<\/li>\r\n                                                                    <li>Gallery sales increased by 7% from 2021, but smaller galleries faced challenges due to rising operating and logistical costs. Public auction sales reached $30.6 billion, down 2% from 2021, but still 11% higher than the pre-pandemic level in 2019.<\/li>\r\n                                                                    <li>Art-related NFT sales saw a 50% drop in 2022, with many collectors shifting their focus away from them. Online-only sales fell to $11 billion, dropping 17% from their 2021 peak of $13.3 billion.<\/li>\r\n                                                                    <li>The three major auction houses, Christie's, Sotheby's, and Phillips, achieved a record high in 2022 with combined annual revenues of $17.7 billion, highlighting the strength at the top end of the market.<\/li>\r\n                                                <\/ul>\r\n            <\/div>\r\n            \n<p><span style=\"font-weight: 400;\">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<p><span style=\"font-weight: 400;\">This growth was supported by bustling art fairs, successful high-end auctions, and busy in-person exhibition schedules.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the 2022 picture for dealers, auction houses, and other players in the trade was one of &#8220;muted growth.&#8221;<\/span><\/p>\n<h2><strong>Dominance of the US Art Market<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">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<p><span style=\"font-weight: 400;\">Sales in the US increased by 8% to around $30.2 billion in 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The UK and China ranked second and third, with 18% and 17% of sales, respectively.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The UK replaced China as the second-largest market hub, which fell by 3% in market share from 2021.<\/span><\/p>\n<h2><strong>Mixed Results for Dealers and Auction Houses<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">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<p><span style=\"font-weight: 400;\">Gallerists with annual sales of $250,000 or less saw a 3% drop in sales in 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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<h2>                        <!-- <div class=\"container-c\"> -->\r\n                        <!-- <div class=\"row justify-content-between\"> -->\r\n                        <!-- <div class=\"col-post-800\"> -->\r\n                        <!-- start html -->\r\n                        <div class=\"blockquote-wapper\">\r\n                            <div>\r\n                                <span class=\"text_quot\">\r\n                                    <p>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                                <div class=\"quot_icon\">\r\n                                    <img decoding=\"async\" src=\"https:\/\/culture.org\/wp-content\/themes\/culture\/icons\/i_quot.svg\" type=\"image\/svg+xml\">\r\n                                <\/div>\r\n                            <\/div>\r\n\r\n                            <img decoding=\"async\" class=\"quot_tick\" src=\"https:\/\/culture.org\/wp-content\/themes\/culture\/icons\/i_quot_tri.svg\" type=\"image\/svg+xml\">\r\n                        <\/div>\r\n                        <!-- end html -->\r\n                        <!-- <\/div> -->\r\n                        <!-- <\/div> -->\r\n                        <!-- <\/div> -->\r\n                                    <\/h2>\n<h2><strong>Shift in Art-Related NFT Sales<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Art-related NFT sales saw the market&#8217;s most significant decline in the last year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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<p><span style=\"font-weight: 400;\">Many collectors shifted their focus away from art-related NFT sales.<\/span><\/p>\n<h2><strong>Changing Landscape of Digital Commerce<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">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<p><span style=\"font-weight: 400;\">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<p><span style=\"font-weight: 400;\">Online sales represented 16% of the art market&#8217;s 2022 sales volume overall, down 4% year-on-year.<\/span><\/p>\n<h2><strong>Record Year for Major Auction Houses<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Despite a slight drop in auction sales from 2021, all three major houses\u2014Christie&#8217;s, Sotheby&#8217;s, and Phillips\u2014achieved a record high in 2022, with combined annual revenues of $17.7 billion.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This highlights the strength at the top end of the market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The global art market&#8217;s recovery in 2022 demonstrates its resilience in overcoming the challenges posed by the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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}]}}