The art market has proved more than once its resilience to global disruptions. Over the past 15 years, it managed to recover quickly from the hit of big economic challenges like those caused by the 2008 financial crisis and the impact of the coronavirus (COVID-19) pandemic. While the
declined by 22 percent with the onset of the health crisis, it already bounced back in the following year, then reached its second-highest figure to date in 2022. Even though the increasing trend stopped in 2023, global art sales value remained above the figure from 2019, amounting to 65 billion U.S. dollars. Meanwhile, the
exceeded 39 million that year, being less than three percent shy of pre-pandemic levels.
What are the biggest art markets worldwide?
The United States has been firmly holding its position as the
leading country in the global art market over the past decade, followed by China and the United Kingdom. These three markets cumulatively held nearly 80 percent of the total sales value in 2023. When focusing on
public auction revenue of fine art and NFTs worldwide, the same countries topped the ranking again. In that case, however, a thinner margin divided the U.S. and China, by far the largest global hubs for fine art auctions.
The two giants of the global auction market
In terms of auction sales, two auction houses, both founded in London during the 18th century, dominate the market: Christie’s and Sotheby’s. After hitting the company’s record in 2022,
total sales of Christie’s worldwide declined by 26 percent in 2023, reaching around six billion U.S. dollars. On the other hand,
global sales of Sotheby’s decreased by less than 1.5 percent in 2023, totaling just under eight billion U.S. dollars. In 2023, Heritage Auctions, Bonhams, and Phillips followed as
leading auction houses worldwide based on revenue, all generating sales below two billion U.S. dollars.
The online art market stays relevant, while NFT sales fell
The lockdowns enforced with the onset of the health crisis urged auction houses and dealers to strengthen their digital departments. Meanwhile, the sudden interest in
crypto art and non-fungible tokens (NFTs) that exploded in 2021 gave a further boost to the online art market. While
online sales of art and antiques skyrocketed in 2020, they slowed down in the following years but remained nearly twice as high as in pre-pandemic levels, totaling close to 12 billion U.S. dollars in 2023. This figure does not include the
sales value of art and collectibles NFTs worldwide, which decreased by over 60 percent year-on-year. This suggests that while online art sales have managed to stay relevant even after the pandemic, the NFT art market will hardly follow the same trend. Rather, data on
monthly NFT sales in the art segment suggest that it will reach a new normal, based on a more stable but much lower sales value than that recorded in 2021.
This text provides general information. Statista assumes no
liability for the information given being complete or correct.
Due to varying update cycles, statistics can display more up-to-date
data than referenced in the text.
