Art Market Report Shows Resilience Despite Global Crises, With $65.1 Billion Turnover in 2021

Since 2017, Art Basel and UBS have released the Art Market report, which underscores the art market's ability to withstand economic hardships. In 2021, the market's turnover climbed to $65.1 billion, bouncing back from 2020's $50.3 billion, yet still shy of the $68.2 billion peak in 2014. Attendance at art fairs plummeted by 35% in Basel and two-thirds in Hong Kong, with the UK's market share decreasing from 20% to 17% post-Brexit. Sales of high-end auctions saw a notable increase, particularly for pieces exceeding $10 million. The billionaire count surged from 1,120 in 2011 to 2,657 in 2021, with their total wealth rising from $4.5 trillion to $13.6 trillion. NFT sales reached $11.1 billion, while traditional auction houses reported only $230 million. Philanthropic intentions grew, with 43% of affluent collectors planning museum donations in 2022. Christl Novakovic of UBS remarked on the rising interest in purposeful art collecting, as the market increasingly favors established artists and larger galleries.