Following its biggest recession for 10 years in 2020, the global art market recovered strongly in 2021, with aggregate sales of art and antiques by dealers and auction houses reaching an estimated $65.1 billion. This represented an increase in sales of 29% from 2020, with values also surpassing pre-pandemic levels of 2019.1 The COVID-19 pandemic created challenges and uncertainties for art markets globally, with restrictions on operations, travel, and events all contributing to a contraction in sales of 22% in 2020 to $50.3 billion. During this period of crisis, the event-driven market shifted online and dealers and auction houses significantly intensified digital strategies in order to maintain sales, successfully reducing some of the negative impact and ensuring that the art market fared considerably
better than some other industries which rely heavily on travel and events.