The Art Basel and UBS – Art Market Report, 2024

The global art market experienced a slowdown in sales in 2023, decreasing by 4% to $65 billion due to factors such as high interest rates, inflation, and political instability. Despite the fall in value, the volume of transactions increased by 4% to 39.4 million, driven by transactions at lower price levels. Both public auction and dealer sales decreased, with auctions experiencing a more severe decline at 7%. The US remained the leading art market in 2023, accounting for 42% of global sales by value, followed by China at 19% and the UK at 17%. The US market declined by 10% to $27.2 billion in 2023, after reaching a record high in 2022. Overall, the art market performance in 2023 reflected thinner trading at the top end, while values remained above pre-pandemic levels. The report notes the divergence in performance of major art markets and the impact of postponed sales in China on private auction house sales.