During 2023, world art sales managed to exceed the levels they had before the Covid-19 pandemic, and it is expected that this year they will continue to increase, according to the report from the contemporary art fair, Arte Base and the bank. Swiss investment bank UBS.
In its eighth edition, the 2024 report revealed that global art market sales were adjusted to an estimated $65 billion.
It showed resilience despite a slowdown of 4% year-on-year, but exceeding the pre-pandemic levels of 2019 when the amount was 64.4 billion dollars.
The United States stood out for maintaining leadership in the global field of art, with 42% of sales in value, which represents a decrease of three percentage points compared to the previous year.
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China overtook the United Kingdom as the world’s second-largest art market, with a 19% share, while Britain fell to third place, with a 17% share.
France continued as the fourth art market, with 7% of global sales.
Regarding online sales, the report considers that online trust resurfaced in 2023 despite its decline in 2022, with an increase of 7% year-on-year, reaching an estimated figure of 11.8 billion dollars.
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Although it was below the maximum reached in 2021 when it was $13.3 billion, sales were still almost double that of 2019 or any previous year, and represented 18% of the market’s total turnover.
The outlook for 2024 reveals that 36% of dealers expect sales to increase, while 48% believe sales will remain more or less the same, and 16% foresee a decrease.
But compared to 2022, when smaller dealers expressed the most optimism, larger dealers were more hopeful in 2023, with 54% expecting an increase.
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2024-03-13 22:28:13
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