Worldwide annual art sales still haven’t grown significantly since 2014. Here are 5 theories why (and other insights):
. The column decodes important stories from the previous week—and offers unparalleled insight into the inner workings of the art industry in the process.If you’re a numbers hound like me, then you may have spent the past three weeks poring over the latest editions of multiple data-driven reports on last year’s art market. Overall, the dominant theme has been the trade’s strong resilience after a pandemic-disrupted 2021.
The two reports vary significantly in their analytical approaches. Close readers probably already clocked that the Intelligence Report strictly tracks auction sales. The Art Basel and UBS report, in contrast, aims to track sales of fine artdealer sectors.
. Fifteen years into McAndrew’s use of limited survey results as a global indicator for a private market largely immune to fact-checking, most individual readers long ago decided to either criticize the annual dealer data as an, accept it as flawed but still valuable, or blow right past the issue without noticing.
My point isn’t to debate which report’s methodology is superior; it’s to call out that major differences in approach returned basically the same verdict about the art market’s stagnant medium-term growth.
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