The Art Industry Is in Its Worst Recession Since 2009, Art Basel’s Latest Art Market Report Finds

artnet,
16 March 2021, International

What does the global art market truly look like after a full year of near total shutdown, and practically no in-person art fairs? Art Basel’s annual report paints a stark picture.

Perhaps not surprisingly, the 2020 Art Market Report, compiled by economist Clare McAndrew, found that across the art industry and its related businesses, spending on fairs went from being the largest area of ancillary expenditure (at 24 percent in 2019), to just 10 percent of the total in 2020.

https://news.artnet.com/market/art-basel-art-market-report-2020-1952001