The Art Market 2023 is an annual publication presenting research-based findings in the global Art and Antiques market. The report is published by UBS and Art Basel, and prepared by the cultural economist Dr. Clare McAndrew, Founder of the research and consulting firm Arts Economics, which focuses exclusively on the art economy.
Appraisal Bureau Founder, Caroline Taylor contributed an essay to this year's report, Embracing Technical Innovation in the Artworld, which provides insight into how new technologies are particularly affecting the traditional art sector and practical applications such as how to own and secure Digital Assets. Through the novel concept of ownership on the internet, Non-Fungible Tokens (NFTs) have powered solutions re-shaping traditional markets, and are undoubtedly here to stay.
The two-hundred-and-sixty page report, informed by market participants globally, features a new focus on Japan, and an astute essay from leading technology law firm Fenwick & West among additional contributors.
Key Findings: Fine Art
- The art market as a whole expanded in 2022 to an estimated $67.8B
- Sales at art fairs rose significantly in 2022 highlighting the revival of live, in-person events - though total sales remained below pre-pandemic levels
- Post-War and Contemporary Art was the dominant sector of the Fine Art auction market in 2022, accounting for 54%, followed by Modern Art at 22%
Key Findings: NFT
- The number of unique active sellers increased 55% from 2021 to 180,416 and unique buyers were up 14% to 174,764.
- Sales reached $1.5B in 2022, a 49% decrease from 2021, but 70 times the 2020 market size ($20m)
- 67% of NFTs purchased in 2022 were Collectibles, while 25% are categorized as NFT Art