UBS report says wealthier clients became more cautious about art, sales dropped last year
By Tatiana Bautzer
NEW YORK, Oct 24 (Reuters) -Global art sales fell 4% last year to around $65 billion, as the wealthiest buyers reduced purchases, according to the Art Market Report, published by Swiss bank UBS UBSG.S on Thursday.
The bank's wealth management division advises clients interested in buying art, although it does not consider the purchases as investments.
Inflation, high interest rates and political instability made the wealthiest clients become more cautious with art purchases and take more time deciding on potential acquisitions, according to the UBS Global Wealth Management chief economist Paul Donovan.
Sales volume at art auctions dropped 7% and at dealers, by 3%, mainly by slowing demand for more expensive art and purchases of average lower value.
The only country where art sales grew was China, which became the world's second-largest art market after the U.S. with a 9% rise in transactions to $12.2 billion. Donovan credits the higher activity by Chinese buyers to delayed post-COVID lockdown behavior, since China kept isolation measures longer than Western countries.
High interest rates and inflation contributed to the collapse of the most speculative art transactions, such as sales of digital art known as NFT, the UBS economist added.
NFT sales peaked at $2.9 billion in 2021 and were 51% lower than the peak last year. They do not seem to have recovered even later this year, Donovan said, after interest rates began dropping and other assets such as crypto currencies rose.
Reporting by Tatiana Bautzer; Editing by Stephen Coates
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
