The global art market experienced varied performance across different regions in2023, with the UK, China, and the US maintaining their positions as the largest markets by value. Despite the challenges, the art market demonstrated resilience and adaptability, with shifts in market dynamics reflecting broader economic and social trends.
Dealers' sentiments about their own sales remained cautiously optimistic, with most anticipating a stable year ahead. The smallest dealers were notably more optimistic, whereas larger dealers showed more confidence in their sales growth. In South America, particularly Brazil, dealers were exceptionally positive about future sales
United Kingdom and EU: About one-third of dealers foresaw a rise in sales.
United States: 44% of dealers anticipated more sales, with only 11% predicting a decline.
Asia: Optimism was more moderate, with a significant share of dealers in China and Japan predicting a decrease
Top-tier auction houses in China reported strong sales following a difficult 2022. For instance, Poly Auction in Mainland China saw sales nearly double to $993million in 2023. Similarly, China Guardian posted a 45% increase in sales, reaching $876 million.
Mid-tier auction houses, despite being overshadowed by their top-tier counterparts, continued to show substantial activity and growth. A survey indicated that 59%of these businesses saw an increase in sales, while 26% experienced a decrease.The average mid-tier auction house had been in operation for 35 years and reported stable employment levels, with payroll constituting a significant portion of their operating costs.
The art market's performance in 2023 was influenced by various economic factors, including inflation and rising operational costs. Despite these challenges, a significant portion of mid-tier auction houses managed to increase their profits year-on-year.
The outlook for 2024 remains cautiously optimistic across different segments of the art market. While dealers in regions like South America and the US are particularly hopeful, there is a general expectation of stability in sales. The art market continues to adapt to economic challenges, with both established and emerging markets contributing to its resilience.
