The art market had a brutal 2024, with global sales declining 12% by value, according to a new report by Art Basel and UBS.
The pain was spread across borders. Sales in the US fell 9% by value year over year; in China they fell 31%, to the lowest level since 2009. Sales in France declined 10%, Germany 4%, Italy 10% and South Korea 15%. “I can’t sugarcoat any of the findings,” says Clare McAndrew, the founder of the research and consulting firm Arts Economics, who wrote the report. “It was tough in all of the big markets.”
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