Amidst economic and geopolitical challenges, the global sales of art and antiques experienced a 4% decline in 2023, amounting to an estimated US$65 billion, as revealed in the annual art market report by Art Basel and UBS.
A notable contrast emerged in the market dynamics compared to previous years, particularly with a shift away from high-ticket works towards lower-priced objects. While major auction houses witnessed a decrease in the number of lots selling for more than US$10 million, there was a 4% increase in transaction volume driven by sales of lower-priced items, providing some buoyancy to the market. Sales at the largest dealers and galleries, reporting annual turnovers of at least US$10 million, experienced a 7% drop in value on average.
Regionally, the U.S. retained its position as the top center for the global art trade despite a 10% decrease in sales to US$27.2 billion. China surpassed the U.K. to claim the second spot, with sales rising 9% to US$12.2 billion, while the U.K. market faced challenges due to the decline in high-ticket works.
Overall, the global art market continues to adapt to economic realities, with resilience and cautious optimism prevailing amidst evolving market dynamics.
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