Global art market value 2007-2023
Global sales in the art and antiques market declined by four percent in 2023 over the previous year. Overall, the total value of transactions in the art market worldwide amounted to 65 billion U.S. dollars in 2023, decreasing from nearly 68 billion U.S. dollars in 2022. Over the same period, the sales volume in the art market worldwide increased by four percent but remained slightly below the figures recorded before the coronavirus (COVID-19) pandemic.
The new normal of the online art market
With the onset of the COVID-19 pandemic, auction houses and art dealers strengthened their digital departments to cope with the lockdowns and closures enforced due to the health crisis. As a result of the digital boost, online sales of the art and antiques market worldwide skyrocketed in 2020, then remained way above pre-pandemic levels in the following years, reaching nearly 12 billion U.S. dollars in 2023.
The rise and fall of NFT sales
When in March 2021 auction house Christie’s sold an NFT-based work by American artist Beeple for 69.3 million U.S. dollars, the interest in non-fungible tokens and crypto art exploded. That said, the total sales value of art and collectible NFTs worldwide experienced a dramatic annual decrease in 2023.
