Rise of Online Sales Provided Notable Lift In A Challenging

The global art market dipped 22% year-on-year, to $50.1 billion; revenue was driven by online sales, increased collecting by millenials and women.
The art market rapidly pivoted online in a dramatically shifting landscape in 2020, reveals the 2021 Art Basel and UBS Global Art Market Report. The fifth edition, The Art Market 2021, written by renowned cultural economist Dr. Clare McAndrew, founder of Arts Economics, offers insights into a global market that dipped by 22% amid widespread lockdown conditions. 
Art Basel in Basel 2019. © Art Basel
"The art market was uniquely placed to struggle with the realities of the COVID-19 pandemic in 2020 as it is populated by mainly small businesses that rely on discretionary purchasing, travel and personal contact," said Dr. McAndrew. "The fall in sales was inevitable. But the crisis also provided the impetus for change and restructuring, the most fundamental shift being the rollout of digital strategies and online sales, which had lagged behind other industries up to now."

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