The seventh edition of The Art Basel and UBS Global Art Market Report has just been published, providing an analysis of the state of the global art market in 2022.
The report identifies a 3% growth in global art sales in 2022, to an estimated USD 67.8 billion, which exceeds pre-pandemic levels. Other key findings include:
- The US market retained its leading position in the global art market with its share of sales by value increasing from 43% to 45% year-on-year. The UK market moved back into second place with 18% of sales, followed by the Chinese market, whose share decreased from 20% to 17%. Whilst the UK experienced an increase of 5% from the previous year, recording a rise to USD 11.9 billion, sales were still below their pre-pandemic level in 2019 of USD 12.2 billion.
- Dealer sales reached an estimated USD 37.2 billion in 2022, a 7% increase year-on-year, restoring the market to its value before the pandemic in 2019.
- 2022 was marked by strong sales in the auction sector, with many record prices achieved. Total sales conducted by auction houses were estimated down 2% at USD 30.6 billion from USD 31.2 billion in 2021, but were still 11% higher than pre-pandemic 2019.
- In 2022, sales at art fairs rose significantly, with galleries and collectors returning alike. Sales at art fairs accounted for 35% of total dealers’ sales in 2022 compared with 27% in 2021, but remained below the 42% achieved pre-pandemic in 2019.
- As the event-driven market resumed its more regular schedule in 2022, both dealers and auction houses reported a further reduction in online sales to USD 11 billion, a 17% decline from their peak of USD 13.3 billion in 2021 – although still 85% higher than 2019.
- Looking ahead, 77% of high net worth collectors surveyed are positive about the outlook for the global art market, and a majority (55%) plans to buy art in 2023.
Paul Donovan, Chief Economist at UBS Global Wealth Management, said: “While we continued to face economic challenges in 2022 with inflation staying high, rising interest rates and the fall of growth expectations, collectors demonstrated a steady pursuit for art with global sales up by 3%. The global art market proved its resilience. In the context of the global economy, 2023 will be a year of inflections as we navigate turning points for inflation, interest rates, economic growth, and financial markets all up against a complex global geopolitical backdrop.”
The Art Basel and UBS Global Art Market Report is written by cultural economist Dr. Clare McAndrew, founder of Arts Economics, and published by Art Basel and UBS. To download the full report: ubs.com/collecting
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Image: Sales at art fairs rose significantly in 2022. Photo: Art Basel in Miami Beach 2022 courtesy Art Basel