Global art report… Three big countries of the market… What was sold last year – Economy

Milliyet newspaper author Samed Karagöz included the report on Art Basel, which is considered one of the most important art fairs in the world and is produced every year in cooperation with UBS, in his column.

The report, which provides world sales and market leaders, shows the economic situation of the art world for the last year.

MAJOR MARKETS USA, CHINA, UK

“Global Sales: Global art sales entered a rapid recovery phase in 2020 after the largest decline in the last 10 years. It reached an estimated $65.1 billion, a 29% increase compared to 2020.

Market leader: The US market continued to maintain its leading position. 43% of worldwide sales took place in the USA. China was the second largest market at 20% of sales, while the UK fell to third at 17%.

Auction Houses: Auction sales of plastic and decorative arts and antiques (excluding private sales from auction houses) reached an estimated US$26.3 billion in 2021, up 47% in 2020 due to the influx of new buyers as well as the supply of quality works to the market.

NFT’s: Aside from the $65.1 billion in global art market sales, NFT sales on NFT platforms have exploded. The retail value of art-related NFTs realized outside of the art market reached US$2.6 billion in 2021, a hundredfold increase over the previous year, and an even greater growth in collections to US$8.6 billion.

LIKE NO TURKEY

NFT sales also entered the auction sector of the traditional art market in 2021, but at a limited value so far. Christie’s NFT sales totaled $150 million including the breakthrough sale of Beeple’s Everydays: The First 5000 Days.

Sotheby’s NFT sales hit $80 million in 2021 – they were also among the most successful in attracting young and new buyers; 78% of NFT bidders were new to Sotheby’s and more than half were under 40 years old.

Online Sales: The online market continued to expand, reaching an estimated $13.3 billion.

Turkey’s share in a market of this size is negligible. On the one hand, this is because we are far behind these countries economically, and on the other hand, because art is still not given the attention it deserves in our country. Unfortunately, the number of our collectors is not sufficient for our economic size. He does not see our chance to become a marketplace for the countries of the region in the near future.”

Odatv.com

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