Global sales of art and antiques reached an estimated $64.1 billion in 2019, down 5 percent year-on-year, returning the market to just above its 2017 level, according to the fourth edition of The Art Basel and UBS Global Art Market Report, written by Dr. Clare McAndrew, founder of arts economics.
The three major art hubs, the United States, the United Kingdom and China, continued to account for a majority of the value of global sales in 2019. The U.S. market was the largest market worldwide once again, accounting for 44 percent of global sales by value.
Sales in the gallery and dealer sector were estimated to have reached $36.8 billion in 2019, growing just over 2 percent year-on-year. The share of sales to new clients increased 5 percent year-on-year — the biggest challenge cited by dealers in 2019.
Online sales of art and antiques were estimated at $5.9 billion in 2019, a decline of 2 percent year-on-year, although still at the second highest level
