The Online Art Market Has Reached New Highs Amid COVID-19
There's been a huge shift in the art market. Online is the new normal, and millennials collectors have become the most active buyers. That's according to Art Basel and UBS' Global Art Market Report for 2020.
The mid-year survey written by Dr. Clare McAndrew "provides a unique analysis of how the COVID-19 pandemic has impacted the global Modern and contemporary gallery sector throughout the first six months of 2020."
The report continues, "It also presents the results of a survey of high net worth (HNW) collectors across three major art markets—the U.S., U.K., and Hong Kong SAR—with a particular focus on how the COVID-19 crisis has changed their interactions with galleries in the art market."
48 percent of collectors say that they always or often purchased works online, with a quarter saying they spent more than $100,000. A smaller percentage of 8 percent, meanwhile, spent over $1 million. While millennials spent an average of $3 million in a span of two years, six times the amount spent by boomers.
Another finding from the report is that the United States, the United Kingdom, and China accounted for the value of global sales as the three major markets.