The Art Basel and UBS Global Art Market Report 2019 shows that, in 2018, the word’s art market reached its second highest level in a decade, amidst further consolidation at the top end.
According to the report compiled by Clare McAndrew, in 2018, the global art market grew by 6%, reaching an estimated $67.4 billion. The United States remained the largest market with an estimated market share of 44%, up 2% in comparison with the previous year. Sales in the United States reached $29.9 billion in 2018, their highest recorded level ever.
The United Kingdom regained its position as the world’s second larget art market. With its 21% share of the global art market, the UK overtook second position from China, which had its market share decline 2% to 19%.
Therefore, according to estimations by The Art Basel and UBS Global Art Market Report 2019, in 2018, the three leading art markets (US, UK and China) accounted for 84% of total sales value.
The Global Art Market Report states that, in 2018, sales in the dealer sector increased 7% in comparison with the previous year to an estimated $35.9 billion. However, the performance was mixed between sectors and segments. 57% of all dealers contributing to the analysis reported a decline in sales, 15% indicated stable results and only 28% respondents claimed growth in sales. The most improved segment was dealers with turnover between $10 million and $50 million: in 2017, these dealers reported a decline in sales of 3%, whereas in 2018, they indicated that sales had increased by 17% in comparison with the previous.
Auction houses reported a 3% increase in sales year-on-year. Art Fairs such the world’s leader Art Basel reported sales of $16.5 billion, up 6% year-on-year. Their share of the total value of global dealer sales made at art fairs has grown from less than 30% in 2010 to 46% in 2018, stable year-on-year. In other words, from 2017 to 2018, their market share has not increased.
The online art market reached an estimated new hight of $6 billion in 2018, up 11% year-on-year. The online art market represented 9% of the value of global sales in 2018.
These are just a few findings of the 408 page Global Art Market Report 2019.
Books about the art market at Amazon USA
The photo on this page shows the painting Visist to the Art Dealer by Frans Francken the Younger (1581-1642) . Hallwyl Museet, Stockholm / Wikipedia Commons / Google Art Project / public domain.
Article added on March 8, 2019 at 14:40 Swiss time.
