2025年巴塞尔艺术展与瑞银集团艺术市场报告

BYARTS ECONOMICS Welcome to The Art Baseland UBS Art Market Report2025 by Arts Economics Publisher Author This report is jointly published by Art Basel and UBS Dr. Clare McAndrewArts Economicsartseconomics.com Art Basel MCH Swiss Exhibition (Basel) Ltd.Messeplatz 10, 4005 Basel, SwitzerlandT +41 58 200 20 20artbasel.com, info@artbasel.com EditingDr. Jeni Fulton and Lesley Kilmurray DesignMitchell F Gillies UBS UBS AG or an affiliateBahnhofstrasse 45, 8098 Zurich, SwitzerlandT +41 44 234 11 11ubs.com DevelopmentDenken Studio Section Contents Figure ContentsAcknowledgementsForeword by Art BaselForeword by UBS4101214 3.AuctionHouses153 Key Findings3.1The Auction Sector in 20243.2Top-Tier Auction Houses3.3Mid-Tier Auction Houses3.4Price Segmentation inFine Art at Auction3.5Fine Art Sectors3.6Post-War andContemporary Art3.7Modern Art3.8Impressionism andPost-Impressionism3.9Old Masters and EuropeanOld MastersExhibit 4.The Art of Indexing:Quantifying Creativity in theFinancial World154157166171177189193206212218230 1.The Global Art Market 202416 Key Findings1.1Overview of Global Sales1.2Regional Market Performance1.3Online SalesExhibit 1.The Art Tradein a ‘Zero Sum’ WorldExhibit 2.TheNFT Marketand Preserving Digital Art171923303646 2.Dealers53 Key Findings2.1The Dealer Sector in 20242.2Dealer Sales2.3Artist Representation2.4Dealer Costs and Margins2.5Buyers2.6Sales Channels and Art Fairs2.7Exhibitions and Fairs2.8Online Sales2.9Dealers’ Challenges andPrioritiesExhibit 3.The Art of Timing:Strategic Shifts in FairAcquisitions5457668192106118127134142146 4.Outlook236 Key Findings4.1Outlook for 20254.2A Note on Wealth4.3Outlook of the Art Tradefor 2025Exhibit 5.Economic Perspectivefrom UBS237238240247253 Appendix256 Rights and Disclaimer265 Figure Contents 1.The Global Art Market 2023 16 Exhibit 2.The NFT Market and Preserving Digital Art46 Figure 1.Value of NFT Segments 2023–2024Figure 2.Monthly Dollar Values of Trades in Art and Collectibles NFTs 2021–2024Figure 3.Monthly Number of Trades in Art and PFP NFTs 2021–2024474849 53 2.Dealers 2.6Dealers’ Change in Sales by Turnover 2023–20242.7Dealers’ Change in Sales by Turnover 2019–20242.8Average Turnover of Dealers by Market Sector 2023–20242.9Average and Median Sales of Selected Art Sectors 20242.10Average Sales of Selected Art Sectors 2024 versus 20232.11Share of the Value of Fine Art Dealers’ Sales by Medium 2024717273757577 2.12Dealer Sales by Medium 2021–20242.13Number of Works Sold by Dealers by Turnover 2023–2024a) Average and Median Number 2024b)Change in Average Number 2024 versus 20232.14Volume of Sales by Price Segment 2021–20242.15Average Number of Artists Represented by Dealer Turnover 2022–20242.16Sales of Works by Top-Selling Artists Represented by Dealersa) All Galleries, Selected Years 2019–2024b)2024 by Sectorc) Primary Market Dealers, Selected Years 2018–20242.17Female Artist Representation and Sales, Selected Years 2018–2024a) Share of Female Artists Representedb)Share of Total Sales by Female Artists2.18Female Artist Representation and Sales by Dealer Turnover 20242.19Change in Dealer Profitabilitya) All Dealers 2024 versus 2023b)By Turnover 2024 versus 2023c) Dealers More Profitable Annually by Turnover 2021–20242.20Female Artist Representation and Sales by Dealer Turnover 20242.21Breakdown of Dealer Operating Costs by Turnover and EmployeeNumbers 2024a) By Turnoverb)By Employee Numbers2.22Change in Dealer Operating Costs 2023–20242.23Change in Employment by Dealer Turnover 2023–20242.24Share of Dealers’ Externally Contracted Expenditure 20242.25Change in Dealers’ Externally Contracted Expenditure 2023–20242.26Dealers’ Inventory-to-Sale Cyclea) All Dealers, Selected Years 2019–2024b)Average Inventory-to-Sale Cycle by Turnover 2022–20242.27Number of Unique Buyers by Dealer Turnover 2018–20242.28Number of New versus Established Buyers by Dealer Turnover 20242.29Main Source of New Buyers for Dealers 2023–2024a) All Dealersb)Top 4 Sources by Dealer Turnover 20242.30Dealer Sales by Buyer Purchase Historya) All Dealers 2021–2024b)By Turnover 20242.31New Buyers and Sales to New Buyers by Dealer Turnover 202477798083858689919495969798100102102104107108110112113 2.32Dealer Sales by Buyer Type 20242.33Sales to Local and International Buyers by Dealer Turnover 2024a) Private Collectorsb)Museums2.34Value of Dealer Sales by Sales Channela) 2024b)2019–20242.35Art Fair Sales by Dealer Turnovera) Share of Fair Sales from Total Sales 2024b)Live/In-Person Events 2019–20242.36Sales Pre, Post, and During Art Fairs by Dealer Turnover 20242.37Average Number of Gallery Exhibitions by Year and Turnover 2019–20252.38Art Fairs Held Globally 2019–20242.39Art Fairs Held by Region 2019 and 2024 (Live Events Only)2.40Average Number of Art Fairs by Year and Turnover 2019–20252.41Dealers’ Outlook for Art Fair Sales in 2025 by Turnover2.42Dealers’ Share of Online Sales 2019–20242.43Average Share of Dealer Sales Made Online by Turnover 20242.44De