2. The US remained the largest art market, despite a notable drop
The US maintained its position as the largest national market, commanding 42% of sales by value, or USD 27.2 billion. This was despite a contraction of 10% from the USD 30.2 billion figure in 2022, which was its highest level to date. The 2023 value was just below the pre-pandemic level of 2019. Thinning sales at top price rungs hit the US market, where the highest-priced works are typically traded, particularly hard. Additionally, dealers struggled with higher expenses in the wake of the COVID-19 pandemic.
3. China surged past the UK to become the world’s second-largest market
Sales in China grew by a remarkable 9% to an estimated USD 12.2 billion from the previous year’s level of USD 11.2 billion. It bucked the trend of slowing national markets, emerging from COVID lockdowns to see an especially strong first half in the auction sector as a backlog of inventory came to the block – standing out as the only major national market to see growth at the top end. Art fairs in both mainland China and Hong Kong also ramped back up to full speed, driving dealer revenue higher.
The UK, meanwhile, saw its market drop by a stiff 8% to USD 10.9 billion in 2023 from its USD 11.9 billion level in 2022. As another hub for the priciest material at auction, it was strongly affected by the decline in trading at the top end.
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