The third edition of the annual report reveals a 6% increase in global art sales worldwide, with active buying by millennials and growing appetite for online sales.
5 Key Insights:
Global art sales reached an estimated $67.4 billion in 2018 – an increase of 6%
Sales across 2018 brought the global art market to its second-highest level in a decade, representing a rise of 9% since 2008. Other insights from the report, which integrates several strands of UBS research, include active buying by millennials, and growing engagement with online sales.
1. The US retained its position as market leader
In 2018, the US sustained its position as the world’s largest art market, accounting for 44% of sales by value – or a total of $29.9 billion, the highest recorded level to-date. Despite political uncertainty surrounding Brexit, the UK regained its position as the second-largest market at 21%, with sales buoyed by non-EU trade: in 2018, sales rose by 8% to just under $14 billion. China was the
2. Millennials emerged as active market participants
“A very positive finding of the research this year was the dynamism in collecting by global millennials,” comments McAndrew. This trend was particularly prominent in newer markets in Asia, according to a survey of high-net-worth collectors by Art Economics and UBS. While respondents in the US were predominantly aged 50 and above, in Singapore, 46% of collectors surveyed were millennials, while in Hong Kong the figure was 39%. Collectively, millennials accounted for just under half (45%) of high-end spenders, underlining the importance of this demographic.
3. The online market witnessed continued growth
The online market reached an estimated new high of $6 billion in 2018, representing 9% of global sales – up 11% year-on-year. Despite this, evidence of some buyer caution remains: a UBS and Art Economics survey of high-net-worth collectors in five markets revealed that just 4% had spent $1 million or more on a work of art online.
4. Auction figures rose 3% year-on-year
While economic and political issues drove risk-averse buyers and sellers towards private sales in the dealer market, sales of fine and decorative art and antiques at public auction still rose in value, reaching $29.1 billion – up 3% year-on-year, and nearly 30% on 2016. High-value works had the greatest impact on this sum, accounting for 61% of total sales by value.
5. Art Fairs continued to shape the global market
It was not just auction houses that witnessed growth in 2018: art fairs continued to play a central role in the global art market, with aggregate sales estimated to have reached $16.5 billion in 2018 – up 6% year-on-year. The share of the total value of global dealer sales made at art fairs was 46%.
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