The art market shrank by 22% in 2020, down from $64.4 billion in sales in 2019 to $50.1 billion last year*.
This strongly suggests that as we emerge from the pandemic, twin forces are pushing toward a huge rebound in art sales and valuations: first, a clearer vision of the future is always comforting for the economy, especially coupled with (mostly) optimism about the vaccines - and our natural response to the end of a harsh winter. Secondly, virtual life online deprived of the sweaty reality of physical and emotional interaction, combined with worldwide social upheavals, creates high demand for actual 3D art that expresses feelings and emotions for today's world.
At the very least, who among us is not pretty sick of staring at the same four walls? Whether or not we're ready to jump on a plane, most of us will still have to work from home for quite a while yet. There's nothing like art when your feet are stuck under the desk, to let your mind tiptoe away and wander to new horizons.
*according to Art Basel and UBS