R Blockchain

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Blockchain technology and arts act jointly towards the realization of human ideals, and stand to bring radical structural change to the world, beginning with the financial system and modern creative industries. Both have a positive influence, and play a significant role in cultural and civic engagement. Nowadays, blockchain projects creators find inspiration in arts and use blockchain technology to revolutionize its creation, distribution, and perception. Many new projects appear in 2020. The blockchain still dominates public debates in the art community. The main discussions are about the benefits of blockchain technology which enables new levels of transparency on an artwork’s history, as well as irrefutable proof of ownership. Blockchain is to make art objects more accessible while changing methods and approaches used in the arts industry. This will give new stirring opportunities for collectors, art galleries, and artists.

Art Market Overview

The global art market reached in 2018 the second highest level in 10 years. On top of that, according to the definitive analysis of key trends in the international art market in a freshly-published Art Market 2020, produced by Art Basel and UBS, over the last year, sales in the art market were partly driven by sales made online and through blockchain technology. Online sales of art were estimated at $5.9 billion, a decline of 2% year-on-year, although still at their second highest ever level.

The report covers all aspects of the market and highlights the most important developments of the past year.

The key findings are as follows:

• Global sales of art and antiques reached an estimated $64.1 billion, down 5% year-on-year, returning the market to just above its 2017 level.
• Millennial collectors lead art market sales, spending six times more than boomers, while female collectors spend more than men.
• The three major art hubs, the US, the UK, and China, continued to account for a majority of the value of global sales in 2019. The US market was the largest market worldwide once again, accounting for 44% of global sales by value.
• Sales in the gallery and dealer sector were estimated to have reached $36.8 billion in 2019, growing just over 2% year-on-year.
• Sales at public auction of fine and decorative art and antiques reached $24.2 billion in 2019, down 17% year-on-year as values decreased in the key global auction hubs.
• Art fair sales were estimated to have reached $16.6 billion in 2019. The share of dealers’ annual sales by value made at art fairs has grown from less than 30% in 2010 to 45% in 2019.