Fine Arts Collectibles Demand surges with the number of artworks and collectibles sold via timed auctions routinely breaking the million-dollar mark and is driven by the boom of crypto art and NFTs: Market Decipher

"While the fine arts market remains predominantly offline, the online art market gained momentum during the last few years as sales boomed on NFT platforms reaching $2.6 billion, outside the global fine art market's turnover of $65.1 billion. As the auction houses and art dealers strengthened their digital departments, online sales of art and antiques skyrocketed and continued to rise with the boom of crypto art and non-fungible tokens (NFTs). United States, China, and the United Kingdom are the leading countries in the global fine art market, cumulatively holding 80 percent of total sales value."

PUNE, India, 27/10/2022 (informazione.it - comunicati stampa - arte e cultura)

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Fine Arts is a long-term investment but a risky endeavour as the art market can be stable or show large returns on investment during boom times but it can easily plummet in value during seasons of recession. Art and artists come in and out of vogue, and purchasing art comes with additional costs, such as storage, insurance, and commissions.

In 2021, the United States generated the highest overall value of fine arts transactions, while China retained the highest share of fine art auction revenue worldwide. In terms of auction sales, two auction houses, Sotheby's and Christie's dominate the market. In 2021, the total sales of Sotheby's peaked at USD 7.3 billion and Christie's also bounced back in 2021 to 7.1 billion, including public auctions and private sales. In terms of revenue, Poly Auction, Heritage Auctions, and Phillips followed as leading auction houses worldwide.

 

David Correa
Decipher Business Insights Pvt. Ltd.
Zen Business Center,
Wakad, Mumbai - Banglore Highway,
Pune - 411057, Maharashtra
Website: www.marketdecipher.com

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