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Art Market Overview: New York, No. 1 in the Marketplace for Collectors

On 30 November 2020, by Agathe Albi-Gervy

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.

Art Market Overview: New York, No. 1 in the Marketplace for Collectors
 

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.

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