Global Art Market Reaches $67.8 Billion with Signs of Cooling Growth.

The annual Art Basel and UBS Global Art Market Report has revealed that the worldwide art and antiques sales reached an estimated $67.8 billion in 2022, up 3% compared to the previous year, lifting the market higher than its prepandemic level in 2019. The report found that high-end dealers and auction houses drove growth, but smaller players have had a harder time recovering. The report also noted that the speculative trade in art-related NFTs contracted in 2022, declining 49% year-on-year, but sales were still more than 70 times higher than they were in 2020.