巴塞尔艺术展与瑞银全球艺术市场报告2024

BYARTS ECONOMICS Welcome to The Art Baseland UBS Global Art MarketReport 2024 by Arts Economics Publisher AuthorDr. Clare McAndrewArts Economics This report is jointly published by Art Basel and UBS 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 DesignSuperfield 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 UBS491113 3.Auction Sales135 Key Findings3.1Auction Sales in 20233.2Top-Tier Auction Houses3.3Mid-Tier Auction Houses3.4Price Segmentation inFine Art Auctions3.5Fine Art Sectors3.6Post-War and ContemporaryArt3.7Modern Art3.8Impressionism andPost-Impressionism3.9Old Masters and EuropeanOld MastersExhibit 3.The Outlook for theChinese Auction Market in 2024136139146151157169174188196203215 1.The Global Art Market 202316 Key Findings1.1Overview of Global Sales1.2Regional Market Performance1.3Online Sales1.4Art and NFTsExhibit 1.Navigating a Seaof InstabilityExhibit 2.The Legal Frameworkof China's Art Market17202529333945 2.Dealers52 Key Findings2.1The Dealer Sector in 20232.2Dealer Sales2.3Artist Representation2.4Dealer Costs and Margins2.5Buyers2.6Sales Channels and Art Fairs2.7Exhibitions and Fairs2.8Online Sales and Strategies2.9Dealer Challenges andPriorities535663788899107115123129 4.Conclusions and Outlook223 Key Findings4.1A Note on Wealth andLuxury Spending4.2Outlook of the Art Tradein 2024224225230 Appendix242 Economic Perspective from UBSRights and Disclaimer253255 Figure Contents 1.The Global Art Market 2023 16 1.1Sales in the Global Art Market 2009–20231.2Annual Growth in Sales by Value in the Global Art Market 2009–20231.3Global Art Market Share by Value in 20231.4Global Art Market Share by Value of the US, UK, and China 2013–20231.5Sales in the Major Art Markets 2009–20231.6The Online Art and Antiques Market 2013–20231.7Share of Online Sales in the Art Market versus General Retail 2019–20231.8Share of Sales by Value of Collectibles Versus Art-Related NFTs 2019–20231.9Sales of Art-Related NFTs 2019–2023a) Value of Salesb) Average Prices1.10Annual Sales of Art and Collectibles NFTs 2019–202321222526283032343637 2.Dealers52 2.1Geographical Distribution of Premises Operated by Dealers in 20232.2Share of Total Number of Sectors Operated in by Dealers in 20232.3Annual Sales Turnover of Survey Respondents in 20232.4Dealers’ Number of Years in Business in 20232.5Average Change in Year-on-Year Sales by Dealer Turnover Segment 2022–20232.6Average Change in Sales by Dealer Turnover Segment 2019–20232.7Level of Sales by Dealer Turnover Segment in 2023 versus 20192.8Average Turnover of Dealers by Market Sector in 2022 and 20232.9Average and Median Sales of Selected Art Sectors in 20232.10Average Sales of Selected Art Sectors in 2022 versus 20232.11Fine Art Dealers’ Share of the Value of Sales by Medium in 20232.12Dealer Sales by Medium 2021–20232.13Volume of Works Sold by Dealers 2022–2023a) Average and Median Number by Price Bracket in 2023b) Change in Average Number by Price Bracket 2022–20232.14Volume of Sales by Price Bracket 2021–20232.15Average Number of Artists Represented by Dealer Turnover Segment in 2022and 2023585961626565666970717273757679 2.16Female Artist Representation and Sales, Selected Years 2018–2023a) Share of Female Artists (from Dealers’ Total Number of Artists)b) Share of Sales of Female Artists2.17Female Artist Representation and Sales by Gallery Turnover in 20232.18Publications, Enquiries and Sales of Works by Female Artists Onlinea) Share of Works Published, Enquiries to Galleries, and Auction Sales on Artsy2016–2023b) Growth of Published Works by Female Artists versus Enquiries on Artsy2.19Sales Share of Top-Selling Artists Represented by Dealersa) In 2023b) By Primary Market Dealers, Selected Years 2018–20232.20Change in Dealer Profitability in 2023 versus 2022a) All Dealersb) By Dealer Turnover2.21Breakdown of Dealer Operating Costs 2021–20232.22Change in Employment by Dealer Turnover Level from 2022 to 20232.23Share of Dealers’ Externally Contracted Expenditure in 20232.24Average Inventory to Sale Cycle, Selected Years 2018–20232.25Average Inventory to Sale Cycle by Dealer Turnover in 2022 versus 20232.26Share of Dealer Sales by Inventory Source and Sector in 20232.27Number of Unique Buyers 2019–20232.28Main Source of New Buyers in 20232.29Share of Dealer Sales to Buyer Groups by Purchase History in 20232.30Share of Dealer Sales by Buyer Type in 20232.31Share of Sales to Local and International Buyers by Dealer Turnover in 2023a) Private Collectorsb) Museums2.32Share of Dealer Sales by Value by Sales Channela) In 2023b) 2019–20232.33Share of Art Fair Sales from Total Sales by Dealer Turnover Segmenta) Fair Sales in 2023b) In-Person Events Only 2019–20232.34Art Fair Sales