Among HNW (High-Net-Worth) art collectors, 88% are interested in buying art NFTs for the foreseeable future.
Art Basel and UBS presented The Art Market 2022 report — the results of a global art market study for the past three years with predictions for 2022. The research units of Arts Economics and UBS Investor Watch paid special attention to the NFT art market and the behavior of high-net-worth (HNW) collectors.
Among the interesting numbers:
- The art-related NFT market grew more than a hundredfold in 2021 from 2020 to $2.6 billion.
- The collectible NFT market increased to $8.6 billion in 2021.
- Transaction volume on NFT marketplaces grew from ~756.000 in 2019 to 5.5 million in 2021, with 85% of transactions in 2021 coming from collectible NFTs.
- In 2021, 74% of HNW collectors purchased NFT art, with an average price of $9.000.
- In 2022, 56% of HNW collectors plan to buy digital art; that figure reaches 61% among millennial collectors.
- For the foreseeable future, 88% of HNW collectors are interested in buying NFT-based art.
Auction houses and private dealers are optimistic about the market prospects for digital art in 2022, with 62% of dealers and 81% of auction houses expecting price increases. We have already written about the successes of the major auction houses in 2021 related to NFTs.
