Art Basel and UBS are pleased to present the fourth edition of The Art Market, by cultural economist Dr. Clare McAndrew of Arts Economics.
The Art Basel and UBS Global Art Market Report 2020 is the definitive analysis of key trends in the international art market.
The 2020 edition of The Art Market covers all aspects of the international market and highlights the most important developments of the past year.
Key findings are as follows:
- Global sales of art and antiques reached an estimated $64.1 billion in 2019, down 5% year-on-year, returning the market to just above its 2017 level.
- Millennial collectors lead art market sales, spending six times more than boomers, while female collectors spend more than men, UBS Investor Watch and Arts Economics survey reveals.
- The three major art hubs, the US, the UK, and China, continued to account for a majority of the value of global sales in 2019. The US market was the largest market worldwide once again, accounting for 44% of global sales by value.
- Sales in the gallery and dealer sector were estimated to have reached $36.8 billion in 2019, growing just over 2% year-on-year.
- Sales at public auction of fine and decorative art and antiques reached $24.2 billion in 2019, down 17% year-on-year as values decreased in the key global auction hubs.
- Art fair sales were estimated to have reached $16.6 billion in 2019. The share of dealers’ annual sales by value made at art fairs has grown from less than 30% in 2010 to 45% in 2019.
- Online sales of art and antiques were estimated at $5.9 billion in 2019, a decline of 2% year-on-year, although still at their second highest ever level.