Yes, recent reports indicate that the global art market is experiencing a slowdown. In 2023, the global art market had an estimated USD 65 billion in sales, down 4% year over year, as per the annual The Art Basel and UBS Global Art Market Report 2024. However, high interest rates, inflation, political turbulence and other factors have led to slower growth at the top end. The report noted a decline in the globe’s ultra-high-end luxury market as a result. (Art Basel)
It is particularly worth mentioning that the sales in the U.S. market (which has traditionally been the most important) decreased by 10% to USD 27.2 billion in 2023. In contrast, the Chinese art market grew by 9% to USD 12.2 billion and overtook the UK to become the world’s 2nd largest art market. (Art Basel)
The market is nevertheless strong in spite of these obstacles, as seen by the 4% rise in transaction volume, which reached 39.4 million, which is especially noticeable at lower price points. Online sales also flourished, rising 7% from the year before to an expected USD 11.8 billion in 2023. (Art Basel)
The art market in India has grown in stature in recent years and is somewhat at variance with trends in the rest of the world. In FY23, the market generated USD 144.3 million in revenue, a 9% increase year to year. The increase reflected a rise in both the number of transactions and the average value of works. Interestingly, this has gained international attention to Indian artists. In 2024, the auction of a Sayed Haider Raza, and Amrita Shergil had broken the record through the year in India showing growing demand for Indian art in the international market. (Grant Thornton India), (Artprice)
Despite a cooling trend, the global art industry is proving resilient, as evidenced by rising online sales and transaction volumes.
Iftikar Ahmed is a New Delhi-based art writer & researcher.
