Post-pandemic Art Market
The global art market had been seen to be relatively resilient to political and international economic events. However, the COVID-19 pandemic made the art market face one of the toughest challenges as the auctions were delayed, international art fairs postponed and galleries closed their doors. The restrictive measures imposed by governments have significantly influenced key economic indicators such as art sales, gallery employment, organisation of international art fairs. It greatly impacted art production and the global art market as a whole leaving not a single business unaffected. For example, the US market showed a 25% drop in sales in 2020.
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Online Sales
The Global Head of Art Advisory & Finance at the Citi Private Bank, Suzanne Gyorgy wrote, 'there is nothing quite like a crisis as a catalyst for change'. Indeed, such unprecedented restrictions forced businesses to seek business development opportunities in the virtual realm, facilitated by technology. Despite an increase in online activity, the art sales in 2020-21, nevertheless, were down.
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However, the global art market total growth increased by 3% each year and in 2022 its estimate reached its second-highest record to date, $67.8 billion, according to The Art Market 2023 report written by Dr. Clare Mc Andrew published by Art Basel in partnership with UBS. This is explained by the increase in successful sales, bustling in-person art fairs, galleries and auction houses that followed the lifting of quarantine restrictions. This is all despite the rising interest rates, inflation and looming risk of recession in major markets on top of supply chain issues.
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The fuller schedules and increase in in-person sales resulted in a further reduction of e-commerce by dealers, collectors and auction houses in 2022. The 'online-only' sales during 2020 pandemic year dropped by 17% from the previous year to $11.0 billion, which is, nevertheless, 85% higher than in 2019.
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Online sales accounted for 16% of the total value of the art market’s 2022 turnover, down from the peak of 25% in 2020, and 4% lower than the share of global retail e-commerce (20%) in 2022.
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Bibliography
Sidorova, Elena, "Global Art Market in the Aftermath of COVID-19", Arts, 11, 2022, no. 5: 93.
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the Global Art Market and the COVID-19, Dec 2020, https://www.privatebank.citibank.com/newcpb-media/media/documents/insights/Citi-GPS-Art-report-Dec2020.pdf
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ArtTactic and Art Basel & UBS,