Market and stock exchange Sales in the international art market slump by 12 percent
The global art market slumped by 12 percent in 2024. An estimated total turnover of 57.5 billion US dollars was achieved, according to the Global Art Market Report published on Tuesday by the Art Basel art fair and UBS.
08.04.2025, 13:58
08.04.2025, 14:08
SDA
According to the report, auction houses were among the main losers on the market. After a record year in 2022, sales there fell sharply for the second time in a row - in 2024 by 25 percent compared to the previous year to 19 billion US dollars.
The decline in the art market was mainly due to the fall in sales of expensive works of art with a price tag of over 10 million US dollars, according to the report. A decline of 39 percent was recorded here.
On the other hand, sales in the lower price segment of less than 5,000 US dollars increased: by 7 percent in total value and by 13 percent in the number of lots sold.
Art fairs fared better than auction houses in 2024: Here, sales had increased by 2 percent compared to the previous year. Galleries outside the fairs suffered a 6 percent decline in sales. Online sales also fell by 11 percent to 10.5 billion US dollars.
USA ahead of the UK and China
The top position in the art market is still held by the USA with a 43% share of the value. Behind it, the UK has replaced China in second place with a share of 18%, which now has a market share of 15%.
According to the report, retailers are cautiously optimistic about the current year 2025. 80% of them expect stable or improved sales.
