The world’s art market hit the buffers in 2023, falling 4 per cent to a three-year low of $65bn as the macroeconomic and geopolitical backdrop slowed activity at the top end, according to a new report. The annual Art Basel and UBS Art Market Report found that the wealthy “are not immune to disruptive financial, social or political changes”, according to author Clare McAndrew of Arts Economics. Continuing uncertainty points to “stable” expectations for 2024, she said.
The market’s overall fall, which took it back to just ahead of its pre-pandemic total in nominal terms, was not as dramatic as some had expected, partly rescued by stronger results from China in the first half of the year. Here sales were up 9 per cent year-on-year to $12.2bn, meaning China took the second spot from the UK . The US remained the art market’s leading geographic area with sales of $27.2bn, accounting for 42 per cent of the global market.