The contemporary art market raked in a record-breaking $2.7 billion in sales between June 2020 and June 2021, according to Artprice’s annual report. This incredible bump follows the relative implosion of the art market during the first half of 2020, when gallery sales dipped 36 percent following the early stages of the pandemic, according to a study.
According to the report, the pandemic-era switch to online auctions initiated a shift in the kinds of works buyers are purchasing. Pieces that more easily translate to a digital format did especially well this year. “Photography and prints have been particularly successful in this new online environment and in 2021,” said Artprice CEO Thierry Ehrmann in a foreword to the report. “We have [also] seen the sensational arrival of completely dematerialized artworks, the famous NFTs.” Sculptures, however, have dipped in demand.
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Non-fungible tokens (NFTs) accounted