The Art Market 2022 An Art Basel & UBS Report Prepared by Dr. Clare McAndrew Founder of Arts EconomicsIndex Tables and Figures 3 3.5 | Post-War and Contemporary Art 161 3.6 | Modern Art 171 Acknowledgments 9 Director’s Foreword 11 Foreword by UBS 12 3.7 | Impressionism and Post-Impressionism 176 3.8 | Old Masters and European Old Masters 181 Key Findings 14 4 Collectors 1 The Global Art Market in 2021 Key Findings 189 4.1 | Global Wealth in 2021 191 4.2 | Wealth Distribution and Millionaires 195 4.3 | Billionaires in 2021 199 Key Findings 21 1.1 | Overview of Global Sales 23 1.2 | Regional Market Performance 28 1.3 | Online Sales 36 4.4 | HNW Collector Survey 203 4.5 | Description of the HNW Collector Sample 209 1.4 | Art and NFTs in 2021 40 4.6 | The Content of Collections 213 4.7 | Expenditure on Art in 2021 220 4.8 | Expenditure on Digital Art and NFTs 229 4.9 | Buying Channels for HNW Collectors in 2021 234 2 Dealers Key Findings 61 2.1 | Dealers Surveyed in 2021 63 2.2 | Dealer Sales 68 4.10 | HNW Collector Perceptions and Motivations 246 2.3 | Dealer Margins 80 2.4 | Buyers 84 4.11 | HNW Collectors’ Concerns in 20