Global art sales plummet 22% in 2020, online transactions surge to $12.4 billion

According to the annual report from Art Basel and UBS, global sales of art and antiquities plummeted by 22% to $50.1 billion in 2020, largely due to disruptions caused by the pandemic. Online sales surged to $12.4 billion, representing 25% of total transactions. Regionally, the UK experienced a 22% decline to $9.9 billion, while the US saw a 24% drop to $21.3 billion; Greater China faced a smaller 12% reduction. Art Basel canceled its events in Switzerland, Hong Kong, and Miami, and Frieze also suspended its physical activities. Clare McAndrew noted that in 2020, collectors were often sidetracked from art, leading high-end buyers to become more discerning. Emerging artists at lower price points fared better, while galleries focused solely on established artists faced a 40% decrease in sales. The report indicated that galleries with fewer female artists generally saw larger sales declines, though this is not definitively causal. Eleven percent of gallerists expressed skepticism about future improvements in art fair sales, with 3% unlikely to return and 8% anticipating fewer fairs. Online viewing rooms were considered an inadequate substitute for in-person events.