Regional Market Performance
Over the past two years, the art market has experienced varied performances across major global markets, leading to more muted overall growth. The three largest art markets—the US, China, and the UK—continued to dominate sales by value in 2023, although their combined share decreased by 3% year-on-year to 77%.
United States
The US maintained its leading position, accounting for 42% of sales by value, a 3% decrease year-on-year. After a 25% drop in 2020 due to the pandemic, the US market rebounded strongly, growing by 44% over 2021 and 2022 to a record $30.2 billion, driven by high-end demand. However, in 2023, sales decreased by 10% to $27.2 billion. Despite the slowdown, the US has been one of the strongest markets over the past 20 years, growing by nearly a third since 2013. Imports of art and antiques, crucial to the US market, doubled in value from $5.2 billion in 2020 to $10.3 billion in 2022, but grew modestly by 1% in 2023 to $10.4 billion.
China
China, including Mainland China and Hong Kong, became the second-largest market in 2023, with its share rising by 2% to 19%. After three years of decline, China's sales hit a 10-year low of $9.9 billion in 2020. A recovery followed in 2021, but strict lockdowns in 2022 caused another decline to $11.2 billion. With the economy reopening in January 2023, there was a surge in sales, increasing by 9% to $12.2 billion. However, growth slowed in the second half of the year due to economic concerns and a real estate slump. Despite surpassing pre-pandemic 2019 levels, sales were still 20% below their 2013 value of $15.3 billion.
United Kingdom
The UK fell to third place with a 17% global share, down by 1% year-on-year. The UK market faced pressures from the pandemic and Brexit, with sales dropping to $9.9 billion in 2020. Over the next two years, sales rose by 20% to $11.9 billion but remained below 2019 levels. In 2023, high-end sales thinned, causing an 8% decline to $10.9 billion, below both pre-pandemic and 2013 values. Imports of art and antiques to the UK fell by 16% from $2.8 billion in 2022 to $2.3 billion in 2023, 26% lower than 2019 levels.
France
Sales in France fell by 7% in 2023 to $4.6 billion, maintaining its position as the fourth-largest market with a stable 7% share. The French market had a strong recovery after a 30% decline in 2020, growing by 62% over 2021 and 2022 to nearly $5 billion. Even with the 2023 decline, sales remained above 2019 levels, growing by 17% over the past decade.
European Union
The rest of Europe showed mixed performance. Germany saw a 5% decline, while Italy and Spain experienced strong growth. Overall, sales in the EU fell by 2% year-on-year to an estimated $8.6 billion, a 22% decrease from 2013 levels (excluding the UK).
Chart Creation
Let's create a chart that visually represents the sales performance of the US, China, the UK, and France from 2019 to 2023.
Chart illustrating the art market sales by region (US, China, UK, and France) from 2019 to 2023.
