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What the numbers say: Online sales of art and antiques more than doubled globally between 2019 and 2020. Sales peaked in 2021 at $13.3B before dropping by about 17% in 2022. The figures do not include sales in NFT collectibles. Relevance: The global collectibles market was estimated to be worth $372B in 2020 and is expected to grow at a CAGR of 7% from 2020 to 2028. The value of private collections grew to $1.2T after the COVID-19 pandemic, according to Credit Suisse. The rapid growth of the collectibles market during and after the pandemic overlapped with an increase in the industry's adoption of e-commerce. Brands that should care: Businesses that trade in art and antiques should grow their e-commerce presence or establish one to avoid losing market share. Similarly, e-commerce platforms should consider seeking clients in the antique industry due to its rapidly increasing focus on online sales. |
