The Art Basel and UBS Global Art Market Report 2024

The Art Market Report 2024, written by Dr. Clare McAndrew of Arts Economics and published by Art Basel and UBS, offers a comprehensive macroeconomic analysis of the state of the global art market. The report sheds light on complex global developments that affect the art market and analyses the key trends that have shaped the market over the last year.

The key findings: While global art sales fell by 4 % to an estimated 65 billion USD in 2023, the value exceeds the pre-pandemic level in 2019. The USA maintained its position as the leading art market with a 42 % market share while China overtook the UK on the second place. France stays stable on the fourth place, representing Paris' strengthening role as the art center of the European Union. Sales in the far eastern country rose by 9 % to an estimated 12.2 billion USD. In continuation of the general trend, online sales are growing, reaching an estimated 11,8 billion USD and now accounting for 18 % of total market sales.

“In 2023 the art market had contracted from the remarkable peaks witnessed during 2021 and 2022. But expected declines in interest rates, weaking inflation and the enduring allure of art all signal a hopeful outlook for the rest of this year.” says art lawyer Leon van Lee of dtb rechtsanwälte.

To the Art Basel and UBS Art Market Report 2024.