The US art market has seen one of the most robust recoveries of all the major markets. The UK market moved back into second place with 18% of sales, and China’s share decreased 3% to 17%, falling back into third position.
The US retained its premier position in the global ranks, with its share of sales by value increasing by 2% year-on-year to 45%. The key driver of growth continued to be the high end of the market. Global art sales increased 3% year-on-year to an estimated $67.8 billion, the second year of growth after a strong recovery in sales of 31% in 2021, and bringing the market higher than its pre-pandemic level in 2019. Here we share five key findings from the report, which can be downloaded by clicking the download button. Co-published by Art Basel and UBS, the report is authored by renowned cultural economist Dr. The report examines the lingering effects of the pandemic and forecasts trends that could be seen entering this year.
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