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Discovering the Latest Insights: The Art Basel and UBS Global Art Market Report 2024
The global art market has shown remarkable resilience amidst challenging economic conditions such as high interest rates, inflation, and political uncertnties. While there was a slowdown at the premium of the market in 2023, transaction volumes witnessed growth, and online sales continued to flourish.
What factors are driving these changes? Has the impact of the pandemic started waning?
The Art Basel and UBS Global Art Market Report 2024 offers a comprehensive analysis of global art market dynamics as of 2023. This report delves into complex economic forces influencing the art sector, providing insights on recent trs that have shaped the market over the past year.
Collaboratively authored by Arts Economics’ distinguished cultural economist Dr. Clare McAndrew and published jointly by Art Basel and UBS, this in-depth analysis can be accessed through a downloadable link provided below.
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Global Sales Slowdown, Transaction Volume on the Rise
In 2023, global art sales are estimated to have reached USD65 billion, marking an easing by 4 year-over-year while surpassing pre-pandemic levels from 2019. Notably, transaction volume increased by 4, totaling approximately 39.4 million transactions, particularly noticeable at lower price points.
The United States remns the largest global art market with a share of 42. China has advanced to become the second-largest market globally, accounting for 19 of sales; it surpassed the UK's share which now stands at 17. France retns its position in fourth place contributing 7.
China’s Art Sales Experience a Recovery
Defying global trs, China witnessed an increase in art sales by 9, reaching an estimated USD12.2 billion. Following the relaxation of COVID-19 restrictions early in the year, buyers seized opportunities from postponed auction inventory sales from 2022 and returned to frs and exhibitions with renewed enthusiasm. The pace moderated later in the year as projections for more moderate economic growth were anticipated.
Online Art Sales Continue to Grow
Confidence in global online art sales experienced a resurgence in 2023, estimated at USD11.8 billion an increase of 7 from the previous year and representing 18 of the total market turnover.
Outlook for 2024: Economic Conditions and Market Trs
The report provides insights into potential economic conditions that may influence art market trs in 2024, including implications of ongoing geopolitical tensions, fluctuating interest rates, and emerging online sales platforms.
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Art Market Resilience Amidst Economic Uncertainty Online Art Sales Continual Growth Trend Chinese Art Sales Recovery Post Pandemic Global Art Market Dynamics Overview 2023 UBS Global Art Market Report Insights Transaction Volume Increase in Art Industry