An Art Basel & UBS Report Prepared by Dr. Clare McAndrewFounder of Arts Economics Index 3.5| Post-War and Contemporary Art1613.6| Modern Art1713.7| Impressionism and Post-Impressionism1763.8| Old Masters and European Old Masters181 Tables and Figures3Acknowledgments9Director’s Foreword11Foreword by UBS12 Key Findings14 Collectors 1The Global Art Market in 2021 Key Findings1894.1| Global Wealth in 20211914.2| Wealth Distribution and Millionaires1954.3| Billionaires in 20211994.4| HNW Collector Survey2034.5| Description of the HNW Collector Key Findings211.1| Overview of Global Sales231.2| Regional Market Performance281.3| Online Sales361.4| Art and NFTs in 202140 4.6| The Content of Collections2134.7| Expenditure on Art in 20212204.8| Expenditure on Digital Art and NFTs2294.9| Buying Channels for HNW Collectorsin 20212344.10| HNW Collector Perceptions andMotivations2464.11| HNW Collectors’ Concerns in 2021251 2Dealers Key Findings612.1| Dealers Surveyed in 2021632.2| Dealer Sales682.3| Dealer Margins802.4| Buyers842.5| Art Fairs892.6| Online Sales and Strategies1042.7|Outlook for the Dealer Sector115 Outlook Key Findings2545.1| Conclusions2555.2| Outlook for 2022260 3Auctions Key Findings1203.1| Auction Sales in 20211223.2| Online Auction Sales1353.3| Price Segmentation in Fine Art Auctions1483.4| Fine Art Sectors156 Appendix / Methodology – Sources UsedinThe Art Market 2022269 Tables and Figures 1The Global Art Market in 2021 Figure 1.1|Sales in the Global Art Market 2009–202125Figure 1.2|Growth in Sales by Value in the Global Art and Antiques Market 2009–202126Figure 1.3|Global Art Market Share by Value in 202128Figure 1.4|Global Art Market Share of the US, UK, and Greater China 2012–202129Figure 1.5|Sales in the Major Art Markets 2009–202130Figure 1.6|Online Sales of Art and Antiques 2013–202136Figure 1.7|Share of Online Sales in the Art Market versus General Retail 2016–202137Figure 1.8|Share of Value of Art and Collectibles in All NFT Sales 2019–202141Figure 1.9|Sales of Art and Collectibles NFTs 2019–202142Figure 1.10|Share of Primary Versus Secondary Sales of Art NFTs 2019–202143Figure 1.11|Share of Primary versus Secondary Sales of Collectibles NFTs 2019–202144Figure 1.12|Monthly Values Traded in Art and Collectibles NFTs 2019–202245 2Dealers Figure 2.1|Annual Sales Turnover of Survey Respondents in 202165Figure 2.2|Dealers’ Number of Years in Business in 202166Figure 2.3|Average Change in Sales Values by Dealer Turnover Segment 2020–202169Figure 2.4|Average and Median Sales in the Primary versus Secondary Markets 2020–202171Figure 2.5|Average Change in Turnover by Dealer Sector 2020–202173Figure 2.6|Fine Art Dealers’ Share of Sales by Value and Medium in 202174Figure 2.7|Share of Dealers Selling NFTs in 202175Figure 2.8|Share of the Volume of Sales by Dealers 2019–2021 76Figure 2.9|Share of the Volume of Sales by Price Bracket in 202176Figure 2.10|Dealers’ Outlook for Sales in 202278Figure 2.11|Share of Total Costs for Dealers 2020 versus 202181Figure 2.12|Change in (Net) Profitability 2020 versus 202182Figure 2.13|Number of Buyers in 202185Figure 2.14|Share of Dealer Sales to Buyer Groups by Purchase History in 202186Figure 2.15|Share of Dealer Sales by Buyer Type in 202187Figure 2.16|Share of the Value of Dealer Sales by Sales Channel90 Figure 2.17|Share of the Value of Art Fair Sales by Dealers by Year and Level of Turnover2019–202191Figure 2.18|Average Number of Gallery Exhibitions by Year and Level of Turnover2019–202293Figure 2.19|Art Fairs Held 2019, 2020, and 202194Figure 2.20|Number of Art Fairs Held by Region in 2020 and 202196Figure 2.21|Change in Visitor Numbers 2019 versus 2021 – Selected Fairs97Figure 2.22|Change in Exhibitor Numbers 2019 versus 2021 – Selected Fairs99Figure 2.23|Average Number of Art Fairs by Year and Level of Turnover 2019–2022100Figure 2.24|Dealers’ Outlook for Art Fair Sales in 2022102Figure 2.25|Dealers’ Share of Online Sales in 2019, 2020, and 2021104Figure 2.26|Average Share of the Value of Dealer Sales Made Online in 2019, 2020, and 2021by Level of Turnover105Figure 2.27|Share of the Value of Online Sales by Dealers by Buyer Category in 2021107Figure 2.28|Share of Online Sales by Buyer Category and Level of Dealer Turnover in 2021108Figure 2.29|Online Strategies Used by Dealers in 2020, 2021, and Planned for 2022109Figure 2.30|Most Helpful Online Strategies for Dealers in 2021110Figure 2.31|Share of Dealers Engaged in Online and Offline Collaborations in 2020, 2021,and Planned for 2022113Figure 2.32|Dealers’ Outlook for Online Sales in 2022115Figure 2.33|Dealers’ Views on the Permanence of Pandemic-Led Changes117Figure 2.34|Top Five Business Priorities for Dealers 2019–2023118 Auctions Table 3.1|Website Metrics of Selected Auction Aggregators and Auction Houses in 2021142Table 3.2|Annual Growth and Share of Auction Sales by Price Segment 2019–2021151Table 3.3|Global Market Share: Old Masters Auction Market in 2021183 Figure 3.1|Global