As the world slowly pulls out of the pandemic, the art market remains hot. Sales by dealers and auction houses in 2021 were up 29% from 2020, reaching $65.1 billion, according to the recently published Art Basel and UBS Global Art Market Report. Given the constant requests and quick sales that I saw last year, and which continue today, I’m not surprised.
It’s clear that the art world has been able to adapt to changing circumstances. The wealthy have become wealthier in recent years, too, and are spending more money: some are buying more expensive artworks, others are buying art for the very first time.
Many of these first-time buyers are starting with NFTs, which were included in the Art Basel/UBS Report for the first time. The market for art-related NFTs grew more than 100-fold in 2021, with most of the transactions taking place outside of the traditional art market with a shocking average holding period of only 30 days.
And as the traditional art market has tried to ignore NFTs, the market continues to draw new entrants despite, or maybe because of, its very speculative nature. Some of these include crossovers from the traditional art world. I have started strategically exploring NFTs with clients and welcome anyone who wants to be part of the conversation.
But I’m heartened that viewing tangible art in person is still the norm. In fact, although I often heard art fair regulars in the past two years say they would not attend as many fairs once in-person events resumed, I have noticed quite the opposite trend. The incredible turnout at Frieze LA last month and the overall positive mood of the attendees – happy to be at a fair and interacting with each other – indicates that people can’t wait to get back on the circuit. I admit to being one of those people, and for those who would like to join, here is my fair schedule for the next few months:
April 7- 10: EXPO Chicago
April 21 – 24: Dallas Art Fair
May 5- 8: NYC Fairs: TEFAF, NADA and Independent
May 18 – 22: Frieze New York
June 14 – 19: Art Basel, Basel
Please don’t hesitate to be in touch with any art-related questions or requests!
3/31/22