The global art market is experiencing a surge in sales, with a 25% year-to-date increase in auction revenue, according to a report by Art Basel and UBS. The growth is driven primarily by the Asian market, which saw a 35% increase in sales.
As of September 2023, total art auction sales worldwide reached $12.2 billion, surpassing last year’s figure of $10.1 billion. This marks the fifth consecutive year of growth for the global art market.
Market Move
The Asian art market, led by China and Hong Kong, is driving the surge in sales. Auction revenue in Asia grew 35% to $4.5 billion, accounting for nearly 40% of total worldwide sales. The region’s strong economic growth and increasing wealth have fueled demand for art.
China’s Shanghai Art Fair saw a record-breaking 20% increase in sales, while Hong Kong’s fall art season exceeded expectations with a 15% rise in revenue.
Drivers
The main driver of the market boom is the increasing wealth and economic growth in Asia. According to a report by Deloitte, the global ultra-high net worth individual population will grow from 215,000 in 2020 to 294,000 by 2025.
Art has become an attractive investment option for high-net-worth individuals seeking alternative assets. The growing demand for art has driven prices up, with some works selling for millions of dollars at auction.
Reactions/Quotes
“The Asian market is driving the growth in sales, and we expect this trend to continue,
