The global art market is set to return to pre-pandemic levels, according to one of the world’s leading art experts.
Dubai-based artist Alena Vavilina – who specialises in mixed media surrealism art – says the recovery is being fuelled by secondary market purchases, particularly in the Middle East.
“It’s been a long journey but finally the industry is not just back on its feet but able to stand tall again. It’s a very positive outlook for 2024,” she said.
Latest data shows the global market surpassed $68 billion in 2022 – the second highest in 15 years and already close to pre-pandemic levels. Figures for 2023 are, Vavilina said, expected to be above $70 billion.
“I think the actual volume of art sales is still a bit lower than what we saw before Covid, but the secondary market is really driving the industry in this region. We are seeing a lot more new buyers come into the market, and this is one of those rare industries where the secondary market often has greater value.”
Christie’s was the auction house recording the highest sales value worldwide in 2022, according to data from Statista with total sales close to $8.4 billion.
Sotheby’s had the second-highest sales value that year, at $8 billion, with other major auction houses, such as Heritage Auctions, Phillips, and Bonhams, showing less than $1.5 billion in sales in 2022.
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