Sales reached $12.4 billion! The global online art market is booming

The pandemic has driven changes in consumer shopping behavior, and the global art market has also achieved record online sales during this period.

According to Ocula , global sales of art and antiques fell by nearly a quarter , or 22%, year-on-year to $50.1 billion . In addition, in 2020, art revenue was driven by online sales, among which millennials and women saw increased income.

The Art Basel 2021 and UBS Global Art Market Report show that the art market quickly shifted to the online market in a dramatically changing landscape in 2020. As offline sales plummeted, online sales accounted for almost three times as much global art sales, and online sales doubled to a record $12.4 billion, accounting for an all-time high of 25 % of the total market value , compared to just 9% in 2019.

Economist Clare McAndrew also said that the overall decline in global art sales is inevitable due to the epidemic, but at the same time, the crisis has also provided impetus for change and restructuring, and the most fundamental change is the launch of digital strategies and online sales . However, so far, the industry's online sales have lagged behind other industries.

As a result of the pandemic, nearly two-thirds ( 66%) of HNWIs have seen an increase in interest in collecting, with nearly a third (32%) saying it has increased significantly. More than a third (38%) of millennials are spending more than $1 million. Women’s spending on art is rising, outpacing that of men .

Additionally, the report states that in preparation for the fair’s comeback , more than 80% of high net worth collectors will return to the market this year .

Looking ahead, a survey of high-net-worth collectors found that nearly half were willing to attend art fairs in the first half of this year, rising to 68% in the third quarter and 80% in the fourth quarter .

Noah Horowitz, Art Basel’s Director for the Americas, commented : “While the art market has contracted significantly across all sectors in 2020, with dealers and auction houses experiencing declines in sales, interest in art remains strong . ”

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