The Art Market 2023
Examining the Lingering Effects of the Pandemic on Global Art Sales
The Art Market 2023
Examining the Lingering Effects of the Pandemic on Global Art Sales
Art Market Report 2023
Art Market Report 2023
Art Market Report 2023
The seventh edition of The Art Basel and UBS Global Art Market Report provides a comprehensive, macro-economic analysis of the state of the global art market in 2022. The Art Market 2023 looks closely at how the lingering effects of the pandemic continue to affect the market and forecasts what trends could be seen entering 2023. The Art Market 2023 is written by cultural economist Dr. Clare McAndrew, founder of Arts Economics, and published by Art Basel and UBS.
Global Sales: Global art sales in 2022 saw an increase of 3% year-on-year to an estimated $67.8 billion, bringing the market higher than its pre-pandemic level in 2019. However, performance varied by sector, region, and price segments, resulting in a more muted growth overall in comparison to 2021. One of the main drivers of growth in values across all sectors in 2022 continued to be sales at the high end of the market. The volume of transactions recorded very minimal growth of 1%, with the rise largely coming from more dealer sales.
Leading Markets: The US retained its leading position in the global art market with its share of sales by value increasing 2% year-on-year to 45%. The UK overtook China to move back into the second place with 18% of sales, while China's share decreased 3% to 17%. France maintained its position as the fourth largest market globally with no adjustment to its global share of 7%.
Dealer Figures: Dealer sales reached an estimated $37.2 billion in 2022, a 7% increase year-on-year, restoring the market to its value before the pandemic in 2019. Surveys of the sector revealed that dealers with the highest turnovers of over $10 million saw some of the largest increases in average sales (at 19%), while the smallest businesses struggled with price conscious and cautious buyers, rocketing costs, and more stagnant sales, including a decline of 3% for those with turnover of less than $250,000. The share of sales to new buyers declined in 2022 for all dealers with turnover of more than $500,000. Dealers in the segment between $500,000 and $1 million reported the highest share of sales to longer-term clients of over five years (44%).
Auction Figures: While 2022 was marked by some strong sales in the auction sector, with many record prices achieved at the upper end, away from these headlines.