Art Market Slows in 2023 but Shows Resilience, Experts Say
The Art Basel and UBS Global Art Market Report 2024 reveals a 4% decline in global art sales to $65 billion in 2023, following record highs in 2022. Clare McAndrew of Arts Economics and Noah Horowitz, CEO of Art Basel, discuss the market's health, data transparency, and trends. McAndrew notes that the high-end segment contracted, with lots over $10 million down 25% in volume and 40% in value, while the under-$50,000 market grew. Private sales outperformed auctions, which fell 7% versus 3% for galleries. Horowitz highlights resilience among core collectors and increased participation from younger, global buyers. The 2024 Venice Biennale, curated by Adriano Pedrosa under the theme "Stranieri Ovunque," is expected to elevate artists from Latin America and Africa, with new national pavilions for Benin, Ethiopia, and Tanzania. Art Basel's June fair in Basel will feature emerging artists like La Chola Poblete, Sandra Poulson, and Ahmed Umar. McAndrew emphasizes the need for qualitative research alongside quantitative data, citing challenges in data transparency and replicability.
Key facts
- Global art sales fell 4% in 2023 to $65 billion.
- High-end market (lots over $10M) dropped 25% in volume and 40% in value.
- Under-$50,000 market segment grew in 2023.
- Auction sales declined 7%, gallery sales declined 3%.
- Private sales performed better than public auctions in 2023.
- Core collectors remained active, with new younger buyers entering.
- Venice Biennale 2024 curated by Adriano Pedrosa, theme 'Stranieri Ovunque'.
- New national pavilions at Venice Biennale: Benin, Ethiopia, Tanzania.
Entities
Artists
- Clare McAndrew
- Noah Horowitz
- Adriano Pedrosa
- La Chola Poblete
- Sandra Poulson
- Ahmed Umar
- Cristina Masturzo
Institutions
- Art Basel
- UBS
- Arts Economics
- Venice Biennale
- NABA
- Artribune
Locations
- Venice
- Italy
- Basel
- Switzerland
- Argentina
- Angola
- Norway
- Sudan
- Benin
- Ethiopia
- Tanzania