ART BLOG Details

Art Sales in 2023: Continued Growth, But a Mixed Picture Overall


Dr Clare McAndrew. Courtesy of Art Basel

The Art Basel and UBS Global Art Market Report, now in its seventh edition and credited to Clare McAndrew, provides the most comprehensive macroeconomic analysis of the state of the global art market. It's the only tool to get a snapshot of the industry's performance and its comparison to the wider market.

The art industry has seen significant growth in the past few years, with continued growth projected in the years to come. According to a recent report, the global art market is expected to reach $64 billion by 2026. This growth is due in part to the increasing number of international artists making their mark on the global stage.

However, despite this growth, there are some concerns about the future of the art industry. The report notes that while the market for contemporary art is strong, sales of older works have been declining. Additionally, there are concerns about the impact of global economic conditions, as well as the increasing use of digital technologies in the art world.

One of the key drivers of growth in the art industry has been the increasing number of international artists. These artists bring new perspectives and styles to the global art scene and are often able to command higher prices than their domestic counterparts. In fact, the report notes that sales of art by international artists have increased by over 400% in the past decade.

ROH Projects, Agus Suwage. Courtesy Art Basel

However, the rise of international artists has also created new challenges for the art industry. Many of these artists are based in countries with less developed art markets and may lack the resources and support needed to succeed in the global marketplace. Additionally, there is concern that the increasing focus on international artists may come at the expense of local talent.

Despite these challenges, the future of the art industry looks bright. With continued growth projected in the years to come, there are plenty of opportunities for artists and collectors alike. However, it will be important for the industry to address its challenges head-on, and to find ways to support both local and international artists.

In conclusion, the art industry is poised for continued growth in the coming years, with international artists playing a key role in this growth. While there are some challenges to be addressed, the future looks bright for this dynamic and ever-evolving industry.