In 2020, the impact of the COVID-19 pandemic on the global art market looked dire: international sales of artwork totaled $50.1 billion for the year, a 22% contraction from 2019, and businesses in the arts sector, like auction houses and commercial galleries, laid off an average of 25% of their staff. However, the actors who primarily power the art market—high-net-worth private individual collectors—managed for the most part to emerge from the turmoil with the value of their collections intact.
This post was originally published on the Cardozo International & Comparative Law Review website on November 3, 2021. The original post can be accessed via the Archived Link button above.
Shefer, Ned, "A (Very Short) Introduction to the Art Storage Business and the Modern Luxury Freeport" (2021). CICLR Online. 30.