The United Kingdom became the world’s second-largest art market in 2023, overtaking China with an 18% share, according to Art Market Review by Ecclesiastical Insurance. The report, authored by Dr James Lindow, is based on data from the Art Basel and UBS Global Art Market Report and outlines key figures and developments across the sector.
Together, the United States, United Kingdom and China accounted for 76% of global art sales, down from 78% in 2022 and 80% in 2021. The UK’s rise from 17% to 18% in market share was attributed to weaker sales in China.
The European Union recorded an 8% decline, while the UK maintained its standing despite continued economic pressures linked to the post-Brexit environment.
Total global art sales dropped 12% to $57.5bn in 2023, following a contraction in 2022. This represents one of the three largest declines in the past 15 years, following the 36% drop during the 2009 financial crisis and the 22% contraction in 2020 at the height of the COVID-19 pandemic. The 2023 figure also matches the fall observed in the 2012 UK and European recession.
The report cites ongoing geopolitical developments as contributing factors. These include the war in Ukraine, increased conflict in the Middle East following Israel’s actions in Gaza in October 2023, and trade tariffs introduced by former US President Donald Trump. Economic factors such as inflation and interest rate changes were also noted.
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Although total value declined, the number of global transactions increased by 3%. Auction sales for works priced under $5,000 grew in value by 7% and in volume by 13%. Dealers with turnover below $250,000 reported a 17% rise in business. These segments also attracted first-time buyers, who represented 44% of all clients.
The year’s highest auction price was $121.2m for René Magritte’s L’empire des lumières, sold at Christie’s New York. Other high-value sales included works by Ruscha ($68.3m) and Monet ($65.5m).
Will increased engagement in lower-price segments help offset declines in high-end art sales? Share your thoughts in the comments.
