Over the past few years, the COVID-19 pandemic killed millions of people, left millions more suffering from long-term side effects, and left the global economy reeling. It was one of those historic events that only comes around once in a lifetime and leaves massive social and economic shifts in its wake.
While many people are longing for a return to normalcy, the reality is that there is no way back. The world must move forward, into a new, rapidly changing future. And nowhere is that truer than within the art market.
During 2020, the height of the global pandemic, most a majority of us were struggling to make ends meet. In-person art shows and gallery events were closed down due to governmental restrictions. So, it’s no surprise that the global art market saw its most drastic fall in a decade. But that decline didn’t last. The next year saw art sales roar back to life, reaching an estimated $65.1 billion, up nearly 30% compared with 2020. Sales peaked even higher than pre-pandemic levels, signaling that the art market truly was back.
This surge in art sales wasn’t just due to the waning of the COVID-19 pandemic. The rise of NFTs and online sales powered the increase as well. According to a recent report, “sales for art-related NFTs outside of the art market expanded over a hundred-fold in 2021, reaching $2.6 billion, with even more significant growth in collectables, to $8.6 billion.” In addition, the online art market made up 20% of global art sales in 2021, double that of 2019. And analysts believe these trends will only continue.
More artwork will be sold online in the coming years. And digital art will continue to be a growing sector within the larger art market. Art galleries and dealers are already making plans to capitalize on these industry changes, with major auction houses actively exploring new ways to reach collectors.
These changes aren’t happening without growing pains though. As sales increase and artwork changes hands more readily, there will be a growing need to keep track of things. Ensuring accurate provenance is tracked and recorded will be absolutely essential. Fortunately, Regestra will make that task easier than ever.
Regestra is dedicated to using the latest technological advances to offer artists and art collectors the ability to create a reliable, tamperproof record of ownership. Thanks to blockchain technology, it will even be possible for artists to earn a commission on future artwork sales. And Regestra isn’t just offering these benefits to artwork. It’s a solution that’s designed to work for all kinds of collectibles, including NFTs, sports memorabilia, and more.
The art world is rapidly changing. Fortunately, Regestra is here to ensure those changed are met by innovative solutions that create a better, more inclusive and equitable art industry for everyone.
