As the rich get richer, they spend more. Way more. Picture: BLOOMBERG
The US continued to lead global sales, with about $28bn in art sold in just one year. Greater China was in second place, with sales totalling $13.4bn, followed by the UK, with $11.3bn. Global sales were $64.1bn in 2019, according to prior reports, before plummeting 22% to $50.1bn in 2020. With that caveat in mind, dealers say they sold $34.7bn worth of art and antiques last year, up 18% from the year before. About 55% of dealers surveyed said they were more profitable than they were in 2020, while 24% reported a decline in profits.
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