Art Market Trends 2024
Unlocking the Future of Art Investment
Discover the key insights and trends shaping the art market in 2024. The comprehensive analysis provides valuable information for art enthusiasts and investors alike.
5 insights from The Art Market 2024
What factors have driven these changes? Is the pandemic still making an impact?
The Art Market 2024, published by Art Basel and UBS provides a comprehensive macro-economic analysis of the state of the global art market in 2023. The report sheds light on complex global developments that affect the art market and analyses the key trends that have shaped the market over the last year. Co-published by Art Basel and UBS, the report is authored by renowned cultural economist Dr. Clare McAndrew of Arts Economics.
Global art sales slowdown, whilst transaction volume increases
In 2023, global art sales eased to an estimated USD 65 billion, showcasing resilience despite a slowdown of 4% year-on-year and surpassing pre-pandemic 2019 levels. Notably, transaction volume increased by 4%, totalling 39.4 million, which was particularly pronounced at lower price levels.
US maintains its position as largest global art market
The US maintained its position as the leading market worldwide, accounting for 42% of sales by value. China became the second-largest global art market, with its share rising to 19%, while the UK moved to third place with a share of 17%. France remained in a stable fourth position at 7% of global sales.
Sales in China grow following easing of pandemic measures
Defying the global trend, sales in China increased by 9% to an estimated USD12.2 billion. Following the lifting of COVID-19 restrictions in the first half of the year, buyers capitalized on sales of postponed auction inventories from 2022 and returned to fairs and exhibitions with enthusiasm. In the latter half of 2023, the pace moderated, possibly influenced by projections of more gradual economic growth.
Online sales grow in importance
Confidence in global online sales resurged in 2023, reaching an estimated USD11.8 billion, a rise of 7% year-on-year from 2022, and accounting for 18% of the market’s total turnover.
Outlook for 2024
Expected declines in interest rates, weakening inflation and the enduring allure of art, signals a hopeful outlook for 2024 and beyond.