Global art market

Growth, opportunities, and key Insights

The global art market has consistently shown resilience in the face of economic and geopolitical challenges. According to the Art Basel and UBS Global Art Market Report 2023[1], the sector continues to grow, offering new opportunities for collectors and investors alike.

Here are five key takeaways from the report:

1. Continued growth in global art sales

Global art sales increased 3% year-on-year, reaching an estimated USD 67.8 billion. This marks the second consecutive year of growth, with sales now surpassing pre-pandemic levels. The high-end segment of the market remained the key driver of this growth.

2. Dominance of US, UK, and China Markets

The US continued to lead the global art market, with a 2% increase in sales by value, accounting for 45% of total sales. The UK reclaimed the second position with 18% of sales, while China experienced a 3% decrease in its share, dropping to third place with 17% of total sales.

3. Robust Recovery of the US Market

The US art market witnessed one of the most robust recoveries among all major markets. Sales bounced back strongly from the pandemic in 2021 and continued to grow in 2022, reaching a record high of USD 30.2 billion.

4. Decrease in online spending, yet higher than pre-pandemic levels

While live events resumed and collectors reengaged, dealers and auction houses reported reduced e-commerce sales in 2022. Despite a 17% decline from the 2021 peak, online-only sales of USD 11.0 billion were still 85% higher than in 2019, indicating a sustained shift towards digital platforms.

5. The positive impact of female artists on sales

Galleries with higher representation of female artists reported above-average sales growth of 21%, while those with very low representation saw lower year-on-year sales growth. This suggests that diversity in artist representation can positively impact sales performance.

How Zurani Advisory can help

Whether you’re an art enthusiast looking to merge your passion with investment or an investor seeking a unique way to diversify your portfolio, investing in art offers an exciting and rewarding opportunity.

Starting an art investment portfolio may appear daunting, but you don’t have to navigate this journey alone. At Zurani Advisory, we offer industry insights and market data to help you make informed investment decisions. To discuss how Zurani Advisory can assist you, please email us at contact@zurani.com or telephone +971 58 593 5523.

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