Sales in the global art market declined by 12% year-on-year in 2024 to an estimated $57.5 billion, according to the Art Market Report issued on Tuesday by Swiss bank UBS and Art Basel, following a 4% drop in 2023.
The report attributed the downturn to economic uncertainty and heightened geopolitical tensions.
The Chinese market suffered the most dramatic contraction, with a 31% year-on-year decline in sales.
Once a rising force in the global art trade, China has now slipped to third place behind Britain, home to major auction houses like Sotheby’s and Christie’s.
The United States remains the dominant player, accounting for 43% of the total global art market. Britain follows with an 18% share, while China now holds 15%.
Shift toward lower-priced art, new buyers
Despite the overall slump, the number of transactions increased by 3% in 2024, driven by growing interest in the lower-price segment, which the report defines as works priced under $50,000.
Art dealers reported that 44% of their business last year came from new buyers, indicating a shift away from traditional, high-net-worth collectors.
The report’s author, economist Clare McAndrew, has been analysing sales data from auction houses, galleries, dealers and art fairs for the UBS and Art Basel report since 2017.
This survey was conducted before the latest wave of global economic disruption, including sharp stock market declines and tariff hikes announced by US President Donald Trump, which are expected to further impact confidence and spending patterns in 2025.
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