People Are Buying More Art Online According to Annual Art Market Report

China has also emerged as the second-largest global art market.

Art
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The annual Art Market Report released by Art Basel and UBS gives us a detailed look at how the art world is doing in 2023, especially with all the economic and political uncertainties going on, as reported by The Art Newspaper. Written by Dr. Clare McAndrew, a cultural economist, this report combines information from different places to help us understand what’s happening in the art market.

From changes in sales to how people are buying art online, this report tells us a lot about what’s going on in the art world right now. Here a couple of important points from the report:

Market Contractions: The Art Market report reveals a 4% decrease in total sales, amounting to $65 billion USD in 2023, reflecting a challenging economic and political climate.

Online Sales Surge: Despite the overall downturn, online art sales experienced a notable 7% increase, reaching $11.8 billion, underscoring the growing significance of digital platforms in art transactions.

Geopolitical Shifts: China emerged as the second-largest global art market, surpassing the UK, with a 9% increase in sales. Conversely, the US saw a 10% decline in sales, attributing to a less robust top-end market.

Optimism Amid Challenges: Despite concerns, dealers and auction houses anticipate stable or improving sales in 2024, particularly in the mid-tier market, suggesting resilience amidst uncertainty.

Gender Representation: While women artists are gaining prominence, achieving parity remains a challenge, with females representing 40% of those featured in primary-market galleries, indicating progress but persistent disparities in sales and collector inquiries.

So, what can we take away from the Art Market report for 2023? Well, despite some challenges, it seems like the art world is finding ways to adapt and keep going. More people are buying art online, and there’s hope for growth in the future. But there’s still work to be done, especially when it comes to making sure everyone has a fair chance in the art world. As we move forward, it’s clear that embracing new ways of doing things and making sure everyone’s voices are heard will be key to keeping the art world vibrant and strong.

Download the full report here.

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