Overview of Global Sales
Sales Decline in 2023: After two years of growth, the art market saw a slowdown in 2023, with sales falling by 4% year-on-year to an estimated $65 billion. High interest rates, inflation, and political instability contributed to thinner sales at the top end of the market, and performance varied across major art markets. Despite the decline, values remained above the pre-pandemic 2019 level of $64.4 billion.
Increased Transaction Volume: In 2023, the volume of transactions grew by 4% to 39.4 million, driven by buoyant sales at lower price levels for both dealers and auction houses. The high end of the market saw a pullback, resulting in fewer high-value transactions.
Auction and Dealer Sales: Both public auction and dealer sales decreased in 2023, with auction sales falling by 7% and dealer sales by 3%. However, private sales at auction houses increased by 2% year-on-year, helped by postponed 2022 sales in China.
Market Shares by Country: The US remained the leading market, accounting for 42% of sales by value, though this was a 3% decrease year-on-year. China rose to the second-largest market with a 19% share, while the UK fell to third place at 17%. France held a stable fourth position with 7%.
US Market Performance: After reaching a record high of $30.2 billion in 2022, the US market declined by 10% to $27.2 billion in 2023. Despite the drop, the US continued to dominate the high-priced segment of the market, though sales were thinner compared to the previous year.
China's Market Growth: Contrary to the general trend, China's art market grew by 9% to an estimated $12.2 billion in 2023. The reopening of the economy in January 2023 led to a surge in activity, especially in the first half of the year. However, the second half saw slower growth due to economic uncertainties and a real estate slump.
UK Market Decline: The UK market, which had shown resilience in previous years, fell by 8% to $10.9 billion in 2023. High-end sales and art imports to the UK declined, bringing the market to 11% below its pre-pandemic level of $12.2 billion in 2019.
French Market and EU Performance: After strong growth in 2021 and 2022, the French art market fell by 7% to $4.6 billion in 2023, though it remained slightly above its 2019 level. The rest of Europe saw mixed results, with EU sales dropping by 2% to an estimated $8.6 billion.
Online Sales Growth: Online art sales grew by 7% to an estimated $11.8 billion in 2023, continuing to be a significant part of the market despite a decline from the 2021 peak of $13.3 billion. Online sales accounted for 18% of total market turnover.
Online-Only Sales Dynamics: High-priced transactions were less common in online-only sales, with the majority (over 95%) of transactions in this segment being for prices under $50,000. Unlike offline sales dominated by the $1 million-plus segment, 58% of the value in online-only fine art auctions in 2023 came from sales under $50,000, and over 85% from sales under $250,000.
NFT Market Decline: Sales of art-related NFTs on NFT platforms outside the traditional art market fell for the second consecutive year, reaching $1.2 billion in 2023, a 51% decline year-on-year. The collectibles segment also saw a significant drop, falling by 64% to $6.3 billion, with speculative activity losing momentum.
Despite these declines, the NFT market remained significantly larger than in 2020. Collectibles continued to dominate, making up 84% of the combined value of these two segments compared to 16% for art-related NFTs.
Historical Context and Market Trends
Pandemic Impact: The global pandemic in 2020 led to a 22% decline in art and antiques sales, dropping to $50.3 billion, the lowest since the 2009 financial crisis. The market rebounded quickly in 2021, with a 31% increase in sales, reaching $65.9 billion, surpassing pre-pandemic levels.
Diverging Regional Performance: The US market led the recovery post-pandemic, while China's lockdowns in 2022 hindered sales. In 2023, sales slowed in the US and UK, but China saw growth due to the release of previously postponed auctions.
Transaction Volume: The volume of transactions saw an uplift in 2023, particularly at lower price levels, contrasting with previous downturns where lower sales levels were hit hardest. This shift indicates continued buyer interest at more affordable price points despite overall market declines.
Overview of global art market sales from 2019 to 2023. The chart includes data for global total sales, transaction volume, and total sales in the US, China, UK, France, and the EU.
