Global art market up slightly at $67.8 billion in 2022

Global art market up slightly at $67.8 billion in 2022

Digital, film and video art sales rose five percent last year
Digital, film and video art sales rose five percent last year. Photo: Cindy Ord / GETTY IMAGES NORTH AMERICA/Getty Images via AFP/File
Source: AFP

PAY ATTENTION: Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!

The art market rose slightly to $67.8 billion last year despite an uncertain global climate, thanks to high-end and digital sales, an annual report said on Tuesday.

Worldwide sales of art increased three percent in 2022 compared to the previous year, lifting them above the level seen in 2019 before the disruptive impact of the Covid-19 pandemic.

"The year 2022 saw the art market hold onto its post-pandemic rebound and strengthen further despite severe economic uncertainty and the return of war to Europe," said the report by Art Basel, a major organiser of art fairs, and Swiss bank UBS.

Growth in the market came from sales of high end art and from digital art backed by non-fungible tokens (NFTs).

The report added that the "US market roared back to life, again securing its premier position in the global ranks".

Read also

Oil powers announce surprise cuts of more than 1 million bpd

By contrast, sales in mainland China and Hong Kong eased as a result of strict Covid restrictions that were in force until late last year.

PAY ATTENTION: Click “See First” under the “Following” tab to see YEN.com.gh News on your News Feed!

The report said last year's "cautious growth in the face of deep uncertainty" was "testimony to the strength of the post-pandemic art market and reason to believe in its resilience".

Art Basel CEO Noah Horowitz pointed to the growth in digital art in spite of the sharp fall in cryptocurrencies that boosted this segment of the market.

"Despite the crypto winter, the popularity of digital, film and video art increased substantially, from one percent of dealer sales in 2021 to five percent last year," Horowitz noted.

"NFT-backed digital art accounted for much of that change, indicating how the market continues to evolve and adapt to the times."

Read also

Swiss watchmakers counting the clock until Chinese tourists return

Wealthy collectors remained optimistic about the future of the art market, spending more last year than they had prior to the pandemic, Horowitz said.

He cited a survey in 2022 by Arts Economics and UBS Investor Watch that found 77 percent of these collectors expected the market to grow and the majority intended to purchase art in 2023.

"So, while signals of macro-economic volatility are a dominant talking point as we head into 2023, the data shows us a resilient art market bolstered by deep-pocketed collectors, particularly at the high end," he said.

New feature: Сheck out news that is picked for YOU ➡️ click on “Recommended for you” and enjoy!

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.