Based on an annual report, the contemporary art market acquired a record-breaking $2.7 billion in sales between June 2020 and June 2021. According to a research, Before this great happening, the gallery sales dipped 36% after the early times of the pandemic.
NFTs paid for one- third of online sales, or 2% of the total art market. Actually, NFTs are not the mere reason the market is performing very well.
Artprice’s announce as well saw the Asian market pushing growth in contemporary art sales. In this year, China took 40% of sales at auction, versus 32% in the USA.
Jean- Michel Basquiat and Beeple were at first and second place, accordingly, for the highest- selling contemporary artists.
KAWS sold most of the works with precisely 1,682 pieces at auction.
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