According to the New York Art Market Report, a study carried out by Clare McAndrew published on November 18, New York remains the epicenter of the contemporary art market.
The global market leader can rely on its network of collectors and institutions, one of the most powerful in the world; it is estimated that at least half of the top 3,000 collectors live there. New York collectors spend an average of $759,000 on art each year, with 76% of them making all or most of their acquisitions through galleries and dealers. During 2020, 90% visited the digital platforms of art fairs, but only 20% finalized purchases there. Contemporary art reigns supreme in collections in the Big Apple: 80% of the works are by living artists.