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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.

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