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Online sales on the art market more than doubled in 2020

According to “The Art Market 2021” report, the limitations imposed by the COVID-19 pandemic became the reason for the decline of the world art market by 22% in 2020 but also lead to a rise in the portion of online sales on the art market by 25%.

The Online Art and Antiques Market 2013-2020
Foto: The Online Art and Antiques Market 2013-2020
Source: Art Basel

The annual report on the state of the art market released by Arts Economics in collaboration with Art Basel and UBS Global shows extraordinary data that reflect the state of affairs in the field in 2020. The COVID-19 pandemic, as it says in the report, caused the most difficult crisis on the art market since the time of the financial crisis of 2009. Many market players around the world were forced to close up shop and cancel planned events. World sales of art objects and antiques dropped in comparison to 2019 by 22% and amounted to 50.1 billion dollars.

However, in reaction to the crisis, the art market significantly sped up the implementation of digital technologies and, despite the general reduction in sales, online sales have increased twofold compared to 2019. They have thus reached the record sum of 12.4 billion dollars, which amounts to 25% of the whole volume of sales for 2020.

Source: Art Basel

Evgeniy Saunin, 25 March 2021, 17:30

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