NFTs are having their big-bang moment: collectors and speculators have spent more than $200 million on an array of NFT-based artwork, memes and GIFs in the past month alone, compared with $250 million throughout all of 2020. The phenomenon is attracting a strange brew of not just artists and collectors, but also speculators looking to get rich off the latest fad. Read more →
Art Basel and UBS’s Art Market Report 2021 shows the pivot to online paid off, with digital sales reaching all-time high of $12.4bn. Online sales doubled in a year; this channel had previously taken six years to increase that much, writes Brian Boucher.
Who are these online art collectors and how can the industry better serve them? This report unpacks the similarities and differences between online collectors’ spending patterns, motivations, and challenges, and compares them to those of traditional art buyers. It confirms some perceptions about online buyers and shatters others. Read more →