The art world saw growth for two years but faced a small drop in 2023. Sales went down 4% to $65 billion, according to the Art Basel and UBS Global Art Market Report published Wednesday.
This was due to high rates, inflation, and global unrest, which hit expensive art the most. Yet sales stayed above 2019’s $64.4 billion mark.
More art changed hands in 2023, up 4% to 39.4 million deals. Lower-priced art drove this, via dealers and auctions. The pricier pieces saw fewer sales.
Both auction and dealer sales went down in 2023. Auctions fell by 7%, and dealers fell by 3%.
Some delayed 2022 sales in China helped a bit. Oddly, private auction sales went up 2%.
The US kept its top spot, despite a 3% drop. It had 42% of sales. China was next, gaining 19%, and the UK slipped to third with 17%. France stayed fourth at 7%.
After a record of $30.2 billion in 2022, US sales dropped 10% to $27.2 billion in 2023. It’s still where the costliest art sells, just below 2019 levels.
China’s market grew 9% to $12.2 billion, helped by ending lockdowns early in the year. But later, growth slowed due to economic worries.
The UK’s market fell 8% to $10.9 billion, below its pre-pandemic state. France slightly beat its 2019 sales, despite a 7% fall to $4.6 billion. The EU saw a mixed picture, with a 2% drop overall.
Online art sales rose 7% to $11.8 billion in 2023, even as the market dipped. This growth is significant over pre-2019 figures, making up 18% of all sales.
NFT art sales dropped 51% to $1.2 billion, still much more than in 2020. Collectible sales also fell by 64% to $6.3 billion. Collectibles remain most valuable, at 84%.
This matters because it shows the art market’s resilience and how different segments respond to global pressures.
The growth in online and accessible art sales highlights changing buyer habits and the potential for digital art spaces, despite broader market challenges.
You can download the entire report here.