What Percentage of Art Sales Does Art Basel Take

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The Fine art Basel and UBS Global Art Market Written report

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The Fine art Market 2020 reveals resilience in dealer and private sales despite a year of challenges

The fourth edition of The Art Basel and UBS Global Fine art Market Study is now available. Written by renowned cultural economist Dr. Clare McAndrew, Founder of Arts Economics, The Art Market place 2020, published by Fine art Basel and UBS, presents the results of a comprehensive and macro-level analysis of the global art market in 2019. Addressing the diverse sectors and dynamics of the global art market, this year'south report also delves deeper into the collecting behavior of High Cyberspace Worth Collectors. The full report is free to download on the Art Basel and UBS websites.

Key findings of The Fine art Basel and UBS Global Fine art Market Report include:

• Global Sales : Global sales of art and antiques reached an estimated $64.1 billion in 2019. After two years of growth, declines in the three largest fine art markets contributed to a fall in sales of 5% year-on-twelvemonth, returning the market to just above its 2017 level.
• Leading Markets: The iii major art markets – the U.s., the United kingdom and China – connected to business relationship for a majority of the value of global sales in 2019, although their share decreased slightly to 82%, down 2% yr-on-year.
  
  • The United States was again the largest art market with sales reaching an estimated $28.3 billion and an estimated market share of 44%, stable on 2018.
    
  • The United Kingdom retained its second place in 2019 with a share of 20%, down 9% twelvemonth on year on 2018, and an estimated $12.7 billion despite the challenges faced by many businesses during the country's prolonged exit from the European Union.
    
  • China remained the 3rd largest marketplace, with a drop in share of one% twelvemonth-on-twelvemonth, representing an 18% share of the market and an estimated $11.7 billion in sales – despite its slowed economic growth in 2019.
• Dealer Figures: Sales in the gallery and dealer sector were estimated to take reached $36.8 billion in 2019, growing but over 2% yr-on-year. Sales figures varied widely between different segments of the market – with the high finish driving the moderate growth in aggregate sales. Dealers in the range from $250,000 to $500,000 saw the greatest improvement overall, from a decline in sales in 2018 to growth of 17% in 2019, followed closely by dealers at the highest stop of the market, above $30 million, whose sales increased by 16%. Finding new clients was the number ane claiming over the next five years flagged by dealers beyond the unabridged sector.
• Auction Figures: Sales at public auction reached $24.2 billion in 2019, downwards 17% afterward two years of consecutive growth. Auction sales declined past double digits across all leading markets: sales in the US were downward 23%, reaching simply over $9 billion; sales in the UK declined past 20% to $4.three billion; and sales in Communist china declined by sixteen% to $7.1 billion. Yet, France saw sales ascension past 16% to over $i.6 billion, bringing its global marketplace share of the sale market upwardly two percentage points to 7%. While the economy is likely to accept had an touch on on sellers and buyers alike, the slowdown in the sale market was largely supply-driven, with a lower number of very high-priced lots coming up for sale. Although public auction sales declined, private sales increased, with all of the major sale houses posting meaning gains in this category, totaling $i.8 billion at Christie's and Sotheby's.
• Art Fairs: Art fairs remained a cardinal part of the global art marketplace, with amass sales estimated to achieve $16.half dozen billion in 2019, increasing by less than one% yr-on-yr. The share of the total value of global dealer sales fabricated at fine art fairs has grown from less than 30% in 2010 to 45% in 2019 (declining 1% yr-on -twelvemonth from 2018). New data from this year's dealer survey shed light on the distribution of art fair sales: 15% of sales were estimated to take identify pre-off-white ($2.v billion); 64% during fairs ($10.half dozen billion); and 21% were fabricated after the fair as a direct outcome of participation ($3.five billion). On average, dealers reported spending an estimated $4.half-dozen billion attending and exhibiting at fairs, a decline of 4% year-on-year.
• Online Sales: Later on more than five years of continuous growth in sales, the online market slowed in 2019 with online sales of art and antiques estimated at $five.9 billion, a decline of ii% twelvemonth-on-twelvemonth, and maintaining a nine% share of global sales by value. While online sales are impacting the auction sector at all levels, they are critically important for smaller sale houses: those with sales under $1 million fabricated 23% of their sales online versus iv% for those with sales over $10 1000000. Dealers reported that they made 5% of their full sales online in 2019,although at that place was a range of ratios reported depending on the level of turnover.For dealers with turnover less than $1 million, 12% of the value of their sales were online versus just ane% for those with annual sales in backlog of $x million. 57% of those sales were to new buyers, up 5% year-on-year. Based on the survey of HNW collectors in partnership with UBS, nearly half (48%) of the collectors used online platforms to purchase art either always or oft.HNW millennial collectors were the most regular users of the online channel, with merely eight% having never bought online. Although 65% of HNW collectors had not exceeded a cost of $50,000 online for an private piece of work, one quarter had spent more than than $100,000 and 8% had spent over $i million, double the share that had spent at that price level in 2018.
• Global Wealth and Art Buyers: In collaboration with UBS, Arts Economic science was able to gather fresh insights on the collecting behavior of 1,300 HNW individuals in 7 markets: France, Germany, the United Kingdom, the U.s.a., Taiwan, Hong Kong SAR and Singapore – the largest geographical coverage to date. The survey constitute that HNW millennial collectors were the most active buyers and spent the most, averaging total expenditure of $3 1000000 over two years, more than than six times the spending of Boomers. Female person collectors as well had a college average level of spending than men, with a substantial 16% having spent over $ten million. 61% of the HNW collectors surveyed had resold works from their collections – millennial collectors being the near likely at 71%. As millennials begin to dominate further, this tendency may go on to rise.
• Economical Impact: The art marketplace directly employed an estimated three million people in 2019 – with approximately 310,810 businesses operating in the global art, antiques and collectibles market, relatively stable on 2018. Information technology is estimated that last yr, the global art merchandise spent $19.9 billion on a range of external support services directly linked to their businesses, a slight turn down of 2% yr-on-year, supporting 368,860 farther jobs.
  

Delight click here to download the full Art Basel and UBS Global Fine art Market place Study for free.

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Source: https://artbasel.com/stories/art-market-report-1

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