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Art market still kicking but NFTs are canvassing high-end support
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euronews.comThe 2021 mid-year Art Market report by Art Basel and UBS Global made grim reading for sellers using traditional means.
"The business model of dealers which is based fundamentally on discretionary spending and strongly dependent on travel and in-person contact has been uniquely positioned to struggle in the realities of the COVID-19 pandemic," it says.
Sales values dropped by 20% on aggregate in the dealer sector for 2020, and the first half of 2021 "has seen mixed results," the report details.
But the new kid on the block(chain) is not constrained by the physical world. Meet the much-vaunted NFT.
Digital art is, by its very nature, reproducible. This facet is perhaps the best way to understand why the new format in art is so utterly polarised
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