A pandemic-driven boom in online sales of collectibles sent the global collectibles market to a record high in 2020.
According to the research data analysed and published by MejoresApuestas.com, the global collectibles market was estimated to be worth $372-billion in 2020. It is poised to grow at a 7% CAGR between 2021 and 2028 to reach $522-billion.
Alternative assets such as collectibles are hot commodities and are expected to remain so in the foreseeable future. Analysts project that the industry’s overall value will be a stunning $14-trillion by 2023. Compared to its valuation in 2021, that will translate to a 59% increase.
One of the factors driving the collectibles market’s growth in recent years is the shift to online sales and the emergence of e-commerce sites. According to ArtsEconomics.com, the total online sales of art and antiques worldwide has grown from $3,1-billion in 2013 to $12,4-billion in 2020. Though the growth rate is expected to slow down in 2021, the online antique market will still be worth more than $10-billion by the end of the year.
Moreover, based on a report by Credit Suisse, before the pandemic, private collectors were estimated to hold items worth $1-trillion. The figure is estimated to have increased to $1,2-trillion post-pandemic, thanks in part to the boost in online sales.
The introduction of blockchain technology has also proved to be a watershed moment for collectibles. Digital collectibles known as NFTs generated more than $2-billion in Q1 2021, a 2 100% increase over Q4 2020. According to Dapp Radar, NFT sales in July 2021 alone totaled $1,2-billion, more than half the cumulative sales of the entire H1 2021.