Global art market reaches its second highest level in 10 years, amidst further consolidation at the top end
Art Basel and UBS have now published the third edition of the Art Basel and UBS Global Art Market Report. Written by renowned cultural economist Dr. Clare McAndrew, Founder of Arts Economics, The Art Market 2019 presents the results of a comprehensive and macro-level analysis of the global art market in 2018. Last year, the global art market grew by 6%, reaching an estimated USD 67.4 billion, with the United States extending its position as the largest market and the United Kingdom regaining its place as the second largest market ahead of China. Sales in the dealer sector increased, driven by gains at top end and marked by further consolidation overall. Equally driven by the top end of the market, sales at public auction also increased with the United States showing the strongest growth. In this report, Dr. McAndrew delves deeper into the collecting behavior of HNW collectors across five national markets, undertaken in partnership with UBS, as well as analysing issues related to artists’ representation and gender in the art market in 2018. The full report is free to download on the Art Basel and UBS websites.
Key findings of The Art Basel and UBS Global Art Market Report include:
–Sales in the global art market in 2018 reached USD 67.4 billion, up 6% year-on-year.
–Sales in the three largest markets of the US, the UK and China accounted for 84% of the global market’s total value in 2018: the US was the largest market worldwide, accounting for 44% of sales by value. The UK regained its position as the second largest art market (21%) and China was the third largest with 19%.
–Dealer and gallery sales in 2018 reached an estimated USD 35.9 billion, up 7% year-on-year.
–Sales at public auction of fine and decorative art and antiques (excluding auction house private sales) reached USD 29.1 billion in 2018, an increase of 3% year-on-year, and up nearly 30% on 2016.
–Art fair sales were estimated to have reached USD 16.5 billion in 2018, a rise of 6% year-on-year, and accounted for 46% of dealer sales.
–Online sales of art and antiques reached an estimated USD 6 billion, up 11% year-on-year and accounting for 9% of the value of the global market.
–For those galleries working in the primary market, 36% of the artists they represented in 2018 were female artists, which accounted for an average of 32% of their sales.
Please click here to download the full Art Basel and UBS Global Art Market Report.
