Economic and geopolitical realities impact the art market

  • Global art sales declined by 4% to $65 billion in 2023
  • Sales at auction houses, galleries, and art fairs remained relatively robust
  • Transaction volume increased by 4% due to sales of lower-priced objects
  • Number of auction lots selling for over $10 million dropped by 25%
  • Sales at largest dealers and galleries dropped by 7%
  • US sales dropped by 10% to $27.2 billion
  • China overtook the UK as the second-largest art market
  • Overall sales slid 8% to $10.9 billion in the UK
  • Global public auction sales fell by 7% to $25.1 billion
  • Dealer sales estimated to have dropped by 3% to $36.1 billion

Global sales of art and antiques declined by 4% to an estimated $65 billion in 2023, according to the annual art market report from Art Basel and UBS. Despite the challenges posed by rising interest rates, inflation, and conflicts around the world, the art market remained relatively robust. Transaction volume increased by 4% due to sales of lower-priced objects, providing some buoyancy to the market. However, the number of high-ticket works sold at auction dropped by 25%, and sales at the largest dealers and galleries decreased by 7%. In the US, sales declined by 10% to $27.2 billion, while China overtook the UK as the second-largest art market with sales of $12.2 billion. Overall, global public auction sales fell by 7% to $25.1 billion, and dealer sales dropped by 3% to $36.1 billion.

Factuality Level: 8
Factuality Justification: The article provides a detailed overview of the global art and antiques market in the past year, citing specific figures and trends. The information is sourced from the annual art market report from Art Basel and UBS, as well as insights from Clare McAndrew, founder of Art Economics. The article does not contain any obvious misinformation, sensationalism, or bias. It presents a comprehensive analysis of the market performance, including factors influencing sales, regional trends, and the impact of the pandemic on the art trade.
Noise Level: 3
Noise Justification: The article provides a detailed analysis of the global art market, including sales figures, trends, and insights from experts. It offers a balanced view of the challenges faced by the market, such as economic and geopolitical factors, while also highlighting areas of growth and resilience. The information is supported by data and examples, making it informative and relevant to readers interested in the art market.
Financial Relevance: Yes
Financial Markets Impacted: The article provides information on the global sales of art and antiques, which can impact the art market and related industries.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the performance of the art market and its impact on sales and businesses in the industry. While there are no extreme events mentioned, the economic and geopolitical realities, as well as the effects of the pandemic, have influenced the market’s performance.
Public Companies: Art Basel (N/A), UBS (N/A)
Private Companies: Art Economics
Key People: Clare McAndrew (Founder of Art Economics in Ireland)

Reported publicly: www.marketwatch.com