The impact Covid-19 had on the global art market cannot be understated. The global art market rallied in 2021, achieving higher sales levels than before the pandemic, with aggregate sales reaching $65.1 billion, a 29% increase from 2020.
NFT-based artworks saw exponential growth, with art-related NFT sales growing more than a hundredfold to $2.6 billion by the end of 2021. Despite high interest from high net-worth collectors, there remains a disconnect with traditional art dealers, with almost half showing no interest in selling NFT-based artworks.
Brexit influenced the UK art market, which, despite a recovery in 2021, did not reach the sales level of 2019, thereby allowing the EU nations to gain some ground. Among the top 5 best-selling artists on SINGULART, Ashvin Harrison stood out as the artist who sold the most in 2022, with his artwork set to be exhibited at Miami Art Basel in December 2023.