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Impact of political and economic tensions/ Global art sales fell by 12% in 2024

2025-04-28 16:59:00, Ekonomi CNA

Impact of political and economic tensions/ Global art sales fell by 12% in 2024

Global sales of art and antiques have fallen for the second year in a row, falling 12% in 2024 to around $57.5 billion, according to the latest annual Art Market Report from Art Basel and UBS.

"It's been a very challenging year overall," Clare McAndrew, founder of research firm Arts Economics, which authored the report, told The Art Newspaper.

The year marked the third-largest contraction of the global art market in the last 15 years, the report found, eclipsed only by the recession years of 2009 (-36%) and the Covid-19 pandemic of 2020 (-22%), and on par with the 12% decline recorded in 2012.

Sales fell in almost every region, with China the hardest hit, seeing a 33% decline. Sales in the US, the world’s largest art market, fell by 9% and fell by 10% in both France and Italy, and 15% in South Korea. Despite the challenges associated with Brexit, the report said, the UK contracted by a more moderate 5% and maintained its position as the second largest art market.

As outlined in the report, the dynamics of last year's contraction broadly mirror those of 2023, when total sales fell by 4% with higher price points hardest hit, due to ongoing geopolitical tensions, economic pressures and changing purchasing behavior.

However, while the value of sales has fallen, trading volume increased by 3%, reflecting greater activity in the lower-priced segment of works priced under $50,000. /CNA





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