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Worldwide
The art market is a marketplace of buyers and sellers trading in the services, articles, and works of art commonly associated with the arts and cultural sector. It consists of the primary market – concerning artworks that are sold for the first time – and the secondary market, dealing with re-sales. In 2022, the global art market generated nearly 68 billion U.S. dollars, surpassing the figures reported prior to the coronavirus (COVID-19) pandemic and reaching the second-highest value in the last 15 years. While the volume of global art sales also experienced an annual increase in 2022, it remained slightly below pre-pandemic levels. That year, online sales of the art and antiques market worldwide accounted for approximately 16 percent of the total art market value.
Three countries and two auction houses dominate the global art market In 2022, the United States topped the ranking of the leading countries in the global art market, followed by the United Kingdom and China. These three markets cumulatively held 80 percent of the total sales value. When focusing on public auction revenue of fine art and NFTs worldwide, the U.S. led the market again, reporting over seven billion U.S. dollars in sales in 2022, with China ranking second and the UK third. In terms of auction sales, two auction houses, both founded in London during the 18th century, dominate the market: Christie’s and Sotheby’s. In 2022, total sales of Christie’s worldwide, including public auctions and private sales, amounted to over 8.4 billion U.S. dollars, the highest figure recorded by the company to date. Global sales of Sotheby’s also reached a new high that year, peaking at approximately eight billion U.S. dollars. In terms of revenue, Heritage Auctions, Phillips, and Bonhams followed as leading auction houses worldwide in 2022, all generating sales below two billion U.S. dollars. Online art sales and NFTs slow down but stay relevant The lockdowns and restrictions enforced with the onset of the health crisis urged auction houses and dealers to strengthen their digital departments. Meanwhile, the sudden interest in crypto art and non-fungible tokens (NFTs) that exploded in 2021 gave a further boost to the online art market. While online sales of art and antiques skyrocketed in 2020 and rose further in the following year, they slowed down in 2022, experiencing a 17 percent annual decline. Despite the drop, online art sales were still nearly twice as high as in pre-pandemic years. Similarly, monthly NFT sales in the art segment recorded an overall decreasing trend in 2022, staying way below the peak reported in 2021. That said, the sales value of NFT collectibles worldwide grew by 15 percent in 2022 over the previous year, totaling around 12 billion U.S. dollars.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Aug 30, 2023
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