Global Art Sales Decline 12% to $57.5 Billion in 2024

The Art Basel and UBS Global Art Market Report for 2024 revealed a 12 percent decline in worldwide art sales, totaling $57.5 billion, marking the second consecutive year of falling sales amidst ongoing economic and geopolitical uncertainties. The report noted a significant cooling at the high end of the market, with auction sales of artworks over $10 million plummeting by 39 percent. Despite the downturn in value, transaction volumes rose by 3 percent, particularly in the lower-priced segment, indicating resilience and adaptation within that market. The United States maintained its lead as the largest art market, although sales dropped by 9 percent to $24.8 billion, while the UK regained its position as the second-largest market despite a 5 percent decline. China experienced a sharp 31 percent decrease in sales, reflecting broader economic challenges. Experts believe the market's ability to attract new buyers and adapt will be crucial for future growth.