Skip to content

The Art Market Has Fully Rebounded From Its Covid-19 Downswing

As the rich get richer, they spend more. Way more.

Collectors inside 2021’s Art Basel Hong Kong.

Collectors inside 2021’s Art Basel Hong Kong.

Photographer: SOPA Images/LightRocket

The art market has exceeded its pre-pandemic levels, climbing an estimated 29% year over year to $65.1 billion in 2021, according to the 2022 Art Basel and UBS Global Art Market Report. It details growth in every segment of the market, from decorative arts to blue-chip contemporary art.

The U.S. continued to lead global sales, with about $28 billion in art sold in just one year. Greater China was in second place, with sales totaling $13.4 billion, followed by the UK, with $11.3 billion. Global sales were $64.1 billion in 2019, according to prior reports, before plummeting 22% to $50.1 billion in 2020.