Industry Insights for Artists in 2022
Every year, Art Basel and UBS publishes The Art Market Report, a leading report of the arts industry giving insights into the activities of the previous year.
A lot of the information in here pertains to the second hand sales of art worldwide, most notably sales from auction houses of prestigious pieces from the likes of Sothebys and Christies. However, at Tonnta, we’re here to support your growth as an artpreneur and we see no reason why you wouldn’t aspire to reach these levels!
For others, this space might not align with your values and have your own unique vision. This report is also useful for you since it shows general trends in the market, all of which trickle down to all artists.
The following are some key findings from the 2021 report:
Global Sales Bounce Back
There is a healthy appetite in the market for the purchase of art. One factor that should be recognized as an outcome of the global pandemic is that a lot of people were stuck in their homes, a lot looking at blank walls. It is possible that people are more conscious of the spaces they create around themselves, and art is a perfect way for them to instill their style and personality into their homes.
Image sourced from christies.com
US market retains #1 place
This isn’t a surprise the US has always been in the top 3, along with the China who was #2 and the UK at #3 when it comes to sales. For those outside of the US, you can see that export options might be an appealing option. The UK has been slipping in the past few years due to a number of factors, including Brexit, but is still a main player in the art world.
Online Market Continued to Expand
Probably one of the most exciting outcomes for those of you reading this! Online sales grew to $13.3 billion sales in 2021 and accounted for 20% of sales in the art market, which is also double the level of 2019! With the right strategy when it comes to sales and marketing, including the use of Tonnta, and the right operations process (i.e. shipping, logistics, invoicing, etc.), there is huge opportunity out there for you.
Instagram Used For Purchasing
For online sales, Instagram appeared as one of the main tools for purchasing art online, trailing just behind of online third party platforms e.g. Saatchi, and online art fairs. Both Millennial and Gen Z purchasers make up 67% of those online purchases. That means that those aged from their 20s up to 40 years old are the market you should be aware of when showcasing your art and yourself on Instagram.
So that’s our hot take on the Art Market Report of 2022. If you’d like to dive in yourself, you can access the report for free here.
