The pandemic limited dealers' ability to reach new clients, leading to a decline in the average number of individual buyers they sold to: from 64 in 2019 to 55 in 2020, and then to 50 in 2021. The situation improved in 2022 with the resumption of art fairs and more regular events, increasing the average to 57. By 2023, this number reached a new high of 83, partly due to some larger businesses selling to over 500 buyers. The median also rose from 25 in 2022 to 35 in 2023, although it remained below the 2018 level of 40 buyers.

As in previous years, the average number of buyers increased proportionally with dealers' turnover. Dealers with a turnover exceeding $10 million engaged with an average of 164 buyers, the highest in the past six years. Some dealers within this segment had focused on selling high-value works to a small group of collectors in 2022. However, in 2023, the aggregate data suggested that dealers might have adopted a more diversified strategy or found it challenging to make larger or repeated sales to the same buyers, resulting in more sales to a broader range of buyers, whether new or from their existing client base.

Despite this shift, dealers, especially those at the higher end of the market, emphasized that having a larger number of buyers was not necessarily linked to successful performance. A dealer remarked, "Our policy is to build strong relationships with a small group and convert them into regular collectors. Even at art fairs, we sell to regular clients. We might sell to someone new, but it’s often a one-off. We insist on knowing our collectors personally to ensure serious engagement."

Finding new buyers remained crucial, whether to cultivate long-term relationships or cover costs as buying slowed. Many dealers noted the aging-out of collectors in some sectors and changes in interests leading to business closures. Some pointed out that many buyers had reached a point of maximum capacity, necessitating new relationships. Others described markets in the US and Europe as fundamentally saturated and lacking next-generation collectors in some sectors.

In 2023, dealers reported that art fairs were the greatest source of new buyers (30%), followed by gallery walk-ins (21%), highlighting the importance of in-person interactions. Social media and online marketplaces ranked lower at 6% and 5%, respectively. Other sources included direct advertising campaigns, consultants, advisors, and personal outreach. Regional variations existed, with major markets like the UK, US, and France, and nearly 60% of dealers from Brazil, citing art fairs as the biggest source. In parts of Asia, such as Mainland China and Hong Kong, gallery walk-ins, websites, and referrals were more popular than fairs.

Sales in 2023 were evenly split between existing medium and long-term clients and new buyers. Dealers reported:

33% of sales were to new buyers purchasing for the first time in 2023 (a 2% decrease from 2022);
33% were to buyers they had dealt with for one to five years (up from 30% in 2022);
34% were to buyers they had dealt with for more than five years (down by 3%).

Smaller dealers had the highest share of sales to new buyers, at 35% for those with turnover under $250,000, the highest proportion across all segments, although this was an 8% decrease year-on-year. At the highest end, the share of sales to new buyers also decreased by 5% to 27%, marking a second consecutive year of decline. This higher share of sales to new buyers in some businesses often indicated difficulties in maintaining repeat business and converting one-off sales into long-term collectors.

Most sales by value continued to be to private collectors, maintaining a stable 72% year-on-year. A slightly higher share, 52%, was to local or national private collectors, with 20% to those outside their region. An additional 5% of sales were to interior designers and art advisors, indicating that 77% of sales were to or on behalf of private individuals. Sales to other art trade members increased slightly to 13%, significantly up from 4% in 2021, due in part to a higher share of dealers in the antiques and decorative art sectors. These dealers made 10% of their sales to trade buyers in 2023, compared to only 2% for those in the primary market, where 78% of sales were to private collectors. The shares of sales to both museums and private institutions remained stable year-on-year.

Private collectors remained the majority of sales for dealers at all levels, ranging from 78% for those with turnover under $250,000 to 63% for those with turnover between $250,000 and $500,000, who had a higher portion of sales to other trade professionals. The largest dealers, with turnover over $10 million, had 65% of their sales to private collectors, with more sales to museums and private institutions. As turnover rose, the share of sales to local buyers tended to decline. Local private collectors accounted for the majority in all segments, but this ranged from over 80% for those with turnover under $250,000 to just over half (52%) for businesses with turnover over $10 million. Sales to local museums outweighed those to overseas institutions in all segments, with the largest dealers having the highest share of sales to museums at 8%, down from 11% in 2022.

Larger dealers had a greater international reach. In the US, for example, the majority of sales were to North American buyers, ranging from 59% for those at the highest turnover level to 90% for smaller dealers with turnover under $250,000. While local sales dominated in most markets, exceptions included the UK, where British dealers reported that 41% of their sales were to UK-based buyers, 21% to the US, and 23% to the EU. For dealers with turnover under $500,000, UK buyers accounted for the majority (60%), but this share dropped significantly for those with turnover over $10 million, who made only 29% of their sales to local UK buyers.