Thursday, May 23, 2024

Art Sales Around the World approach $68 Billion, Signalling Subdued Growth

World Art Trade

The survey found that the U.S. continues to occupy approximately 45% of the trade market, which is up 2 % from last year, which makes it the largest market in the art trade. Coming in behind the United States are the U.K. and China, which account for 18 and 17 percent of sales, respectively. This year saw the UK displace China as the second largest market hub, which fell by 3 percent in market share from 2021.

The U.S. saw an increase in sales of 8 percent, of around $31 billion, in 2022. Sales in the UK increased by 5 percent, reaching $12 billion. For the market in China, numbers were down significantly as prolonged Covid lockdown policies stalled business. Sales declined by 14 percent to $11.2 billion in 2021.

“The high end seems to have made the most of the comeback of events,” McAndrew said in an interview about the trade’s post-pandemic status. McAndrew described some of the report’s findings as a “mixed bag” of financial performances across various parts of the business at large. But the vendors participating in seven-figure art sales are benefiting from increased concentrations in billionaire wealth, she said.

There is a part of the business where the number of sales of works priced over $1 million, she said, “has been doing much better than everything below that.” She described that finding as an “extreme” part of a longer-term trend that’s seen bigger commercial players dominating smaller peers.

Art Sales Around the World approach $68 Billion,  Signalling Subdued Growth

Art Sales Report