Adaptable art

24.04.23 The art market is an adaptable one. Over the centuries the art market has been subject to shifting morals, fluctuating economies, and increasingly impacted by emerging technology.  From the pop art of Andy Warhol to the NFT digital art bubble, the definition of what constitutes art has also changed over the years. The recent surge in AI generated images will likely further test art’s definitional boundaries. Nevertheless, over the years the art market has been exceptionally resilient. After dropping nearly 22% year on year in 2020 as the pandemic forced galleries to close and art fairs to be cancelled, the global art market jumped 31% in 2021, and grew a modest 2.9% in 2022 according to Art Basel and UBS.  At USD 67.8 billion in sales in 2022, the global art market has been remarkably stable over the last decade. Notably, one area of material change has been the share of art sold online. After expanding at a modest pace pre-pandemic, online art sales jumped from 9% of the market in 2019 to 25% in 2020. While the share of art sold online receded to 16% in 2022, the segment appears to have cemented its position with more art galleries, art shows, and auctions facilitating e-commerce channels.  

Source: Art Basel, UBS, April 2023.