But if you are someone who has been lucky enough to maintain steady employment during the pandemic (last April, the U.S. Having an expendable income at all in the year 2021 is a difficult proposition for the vast majority of people. For one last comparison: $50 billion is also the cost proposed by the International Monetary Fund to cover its global plan to combat Covid-19.īut the fact is that buying art is not so obvious. But let’s just say it’s a lot of money changing hands. Those figures, the most credible data on this topic that exist - and this alone will say a lot about the art world for the uninitiated - come from an annual report by the economist Clare McAndrew funded and released by Art Basel, a contemporary art fair, and its corporate partner UBS, the Swiss multinational financial services company and one of the largest private banks in the world, which by comparison reported $32.39 billion in revenue in 2020. There was a 22 percent drop in global sales of art and antiques in 2020 - to all of $50.1 billion. The sheer volume of art being sold across the world each year is far greater than at any point in human history. The question posed by the headline is, in theory, easy enough.
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