Global art sales remain resilient in 2023 despite slight decline

According to the annual report published by Art Basel and UBS, the global art market maintained its resilience in 2023. The study, which offers a detailed overview of trends, reveals a slowdown in high-end sales but active momentum in the lower price segments. While the United States maintains its dominant position, the rise of China is reshaping the global art landscape.

The eighth edition of the Global Art Market Report published on March 13 by Art Basel and UBS offers a detailed look at the state of the art market in 2023. The study, entitled Art Basel and UBS Global Art Market Report 2024, examines how the economy and geopolitics have influenced art sales, scrutinizing several key market trends over the past year. It was written by Clare McAndrew, cultural economist and founder of Arts Economics.

Despite a 4% slowdown on the previous year, global art market sales reached an estimated $65 billion in 2023, slightly exceeding 2019’s pre-pandemic levels of $64.4 billion.

One of the report’s key findings is the contraction of the very high-end. Although high-end sales declined, transaction volume increased by 4% to $39.4 million, marking sustained activity in the lower price segments.

“2023 saw a long-awaited slowdown in art market sales after two years of strong post-pandemic growth. As in many other sectors, rising costs were the main challenge for art market companies in 2023, and profitability became a more closely watched indicator than sales,” notes Clare McAndrew