The Art Market 2020 reveals resilience in dealer and private sales despite a year of challenges
The fourth edition of The Art Basel and UBS Global Art Market Report is now available. Written by renowned cultural economist Dr. Clare McAndrew, Founder of Arts Economics, The Art Market 2020, published by Art Basel and UBS, presents the results of a comprehensive and macro-level analysis of the global art market in 2019. Addressing the various sectors and dynamics of the global art market, this year's report also delves deeper into the collecting behavior of High Net Worth Collectors. 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:
–Global sales of art and antiques reached an estimated USD 64.1 billion in 2019, down 5% year-on-year, returning the market to just above its 2017 level.
–The three major art hubs, the US, the UK, and China, continued to account for a majority of the value of global sales in 2019. The US market was the largest market worldwide once again, accounting for 44% of global sales by value.
–Sales in the gallery and dealer sector were estimated to have reached USD 36.8 billion in 2019, growing just over 2% year-on-year. With the share of sales to new clients increasing 5% year-on-year – the biggest challenge cited by dealers in 2019.
–Online sales of art and antiques were estimated at USD 5.9 billion in 2019, a decline of 2% year-on-year, although still at their second highest ever level.
–Surveys of more than 1,300 HNW collectors conducted by Arts Economics and UBS Investor Watch in seven markets indicated that millennial collectors purchased the most and also spent the most on art and collectibles, averaging a total expenditure of USD 3 million over two years.
Please click here to download the full Art Basel and UBS Global Art Market Report.
