And yet the pandemic could not suppress it international art market. To be clear, with the exception of 2020 — a year in which sales were down 22% due to a very complex operating system for a specific business sector — 2021 has shown momentum from the start. art trade quickly adapted to digital sales channels, and the growing wealth amassed by a few but powerful people has resulted in a 31% increase in sales compared to 2020, with purchases worth $65.9 billion. In other words, the market has risen above the pre-pandemic level of 2019.

But 2022 is even more impressive, according to an annual survey. “Art Market 2023”, produced by Art Basel and UBS. Sales in 2022 were not only higher than pre-pandemic levels, but at $67.8 billion reached the second-highest point reached in this market to date, just below the 2014 peak. The conclusions are based on data collected by dealers, auctions. houses, collectors, galleries, digital databases and industry experts, more generally art dealers.

The first half of 2022 was marked by active sales in the auction industry with repeated record prices. A highlight in the US was the auction house Christie’s sale of Microsoft co-founder Paul Allen’s famous art collection for $1.6 billion. At the same time, the figures for dealers were also positive, as international art exhibitions and fairs – even private galleries – were once again filled with people and potential buyers.

But while the start of 2022 was bullish, the political and economic trends that ultimately defined the year — notably the war in Ukraine, soaring inflation, rising interest rates, COVID-19 lockdowns in China, and recession in key markets such as USA. – made an uncertain forecast. This pessimistic context has led to lower bids in some auctions and slower and more cautious trading in the private sector.

Of course, as is usually the case in times of uncertainty, the upper end of the market was less affected. Wealthy buyers have raised and kept the prices of established artists at very high levels as their work is viewed as an investment with less risk and higher returns. Tellingly, despite the widespread negative socio-economic impact of the pandemic, billionaires around the world increased their fortunes by almost a third in 2020 thanks to the prosperity of some industries such as technology, e-commerce and healthcare. Wealth growth continued in 2021, with the number of billionaires and their fortunes further increasing, reaching a record high of $13.6 trillion and 2,657 people.