US EditionArt Auction Sales Dropped by 25% in 2024 Amid Global Volatility
21 Articles
21 Articles
Art Auction Sales Dropped by 25% in 2024 Amid Global Volatility
Public auction sales fell 25% in 2024 amid a broader decline in the global art market last year, according to the latest Art Basel and UBS Art Market Report published Tuesday morning, April 8. The annual report, authored by economist Clare McAndrew, found that total global art sales fell by 12% from 2023’s total of $65.2 billion. Last year’s dip, down to $57.7 billion, marks the largest decline in art sales since the pandemic began in 2020, when…
Trade in works of art has declined significantly in the world last year.
During 2024, turnover for sales of works of art globally, both via dealers and in specialized auctions, decreased by 12 percentage points from a value of 2023 of $65.2 billion (mmdd) to a total income of 57.5 billion last year, according to the version presented this week of the study The Art Market Report 2025, developed by Arts Economics at the initiative of Art Basel and UBS. Paradoxically, 2024 was also one of the two years with the highest …
The Art Basel and UBS Global Art Market Report shows a decline in the global art market.
Clare McAndrew: China’s Art Slowdown «Slightly Inevitable»
The value of art sales in China plunged in 2024 after a post-lockdown spike a year before. Continued moderation is «slightly inevitable», according to Arts Economics founder Clare McAndrew, as part of the market’s growing maturity. By sales value, China’s art market, which includes the mainland and Hong Kong, fell 31 percent to $8.4 billion and slipped from second to third place globally with a market share of 15 percent, according to the ninth …
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