Art Basel’s 2022 art market report

Annie Riga in the studio

It’s from looking at the art itself, and getting to know artists and their studio practices, that the gallery bases its representation. The qualities of the contemporary art we present is the gallery’s raison d’etre. As a first mover in the online art market, it’s always interesting to see reports about what’s happening more generally.

Key findings from Art Basel’s report

Here are some key findings from Art Basel’s 2022 report on the art market. Authored by Dr Clare Andrews and brought together by Arts Economics, Art Basel and UBS Global. This report referenced 2021 figures, with 2022 yet to close (at time of writing) also showing upward trends. Last year demonstrated growth in all segments of the art market. 33% globally, and specifically by 14% in the UK.
In the full report you’ll find pages more information, gained through surveys and research.

A key factor from the 2022 figures so far is that global trade continues to grow:

Global imports of art and antiques increased 41% in 2021. Exports were up 38% and double-digit increases continued into the first half of 2022. If cross-border trade continues at this pace for the rest of this year, record levels could be reached by the end of 2022. All figures are indicative of confidence in the major art markets.

Soundbites from the 2021 figures they’ve republished ahead of the complete 2022 figures:

Following its biggest recession for 10 years in 2020, the global art market recovered strongly in 2021

  • with aggregate sales of art and antiques by dealers and auction houses reaching an estimated $65.1 billion, up by 29% from 2020, with values also surpassing pre-pandemic levels of 2019. 

All segments of the market grew in 2021

  • The US market retained its leading position in 2021, shifting up slightly to 43% of worldwide sales by value. Greater China was the second-largest art market with 20%, with the UK in third place at 17%. 
  • The US art market recovered robustly in 2021, with sales increasing by 33% to just over $28.0 billion. Sales in Greater China also saw significant growth of 35%, reaching $13.4 billion, and the UK market increased by 14% year-on-year to $11.3 billion.

The online market continued to expand in 2021

  • Growing by 7% to reach an estimated $13.3 billion. Online sales accounted for 20% of sales in the art market, down by 5% in share year-on-year but still more than double the level of 2019 (9%).