1. The Global Market

Sales in the global art market declined by 12% in 2024 to an estimated $57.5 billion. After a strong post-pandemic recovery up to 2022, this marked the second year of slowing sales, with the main drag on growth being the high end of the market which thinned out significantly in 2023 and 2024, creating lower aggregate values, despite stronger sales in some lower-priced segments.

Despite the drop in value, the number of transactions taking place in the global art market grew by 3% to 40.5 million in 2024. The ongoing expansion of sales in the market in the last two years reflected greater activity in the lower-priced, more affordable segments for both dealers and auction houses, which continued to gain momentum as price records and high-end sales slowed.

Both dealer and public auction sales fell in 2024, with values declining by 6% and a sharper 25%, respectively. Private sales by auction houses countered the trend, advancing by 14% year-on-year.

The US maintained its position as the leading art market worldwide, accounting for 43% of global sales by value, an increase in share of 1% year-on-year. The UK regained its position as the second-largest market with 18% (up by 1%), while China (including Mainland China and Hong Kong) fell by 4% in share to third place with 15%.

After having one of the strongest recoveries of all markets, sales in the US declined by 9% to $24.8 billion in 2024, as political uncertainty surrounding the contentious presidential elections and other factors contributed to continued slowing at the top of the market. This was its second year of falling values following a 10% decrease in 2023 but remaining 18% above the pandemic-induced low of 2020.

Sales in the UK reached $10.4 billion in 2024, down by 5% year-on-year, but reclaiming second position globally due to the poorer performance of sales in China. Like the US, the UK market experienced cooling in the high-priced segments, leaving it 15% below its pre-pandemic size in 2019, though still 5% above 2020 values.

After a fall of 14% in 2022 during strict COVID-19-related lockdowns, sales in China rallied against the declining trend in 2023, increasing by 9% to an estimated $12.2 billion. However, this uplift proved temporary, and against a backdrop of slower economic growth, a continuing property market slump, and other economic uncertainties, the art market experienced a sharp drop of 31% to $8.4 billion in 2024, the lowest level since 2009.

Most major European markets experienced slowing sales, with France declining by 10% to $4.2 billion, though maintaining a stable 7% share of global sales and its position as the fourth-largest market worldwide. Overall, EU sales fell by 8% year-on-year to $8.3 billion. Asian markets showed varied performance, with South Korea decreasing by 15%, while Japan notably bucked the trend with 2% growth year-on-year.

Online sales declined by 11% to $10.5 billion in 2024, lower than the last four years but still 76% above pre-pandemic 2019. The share of e-commerce out of total art market sales was stable year-on-year at 18%, below the peak of 25% in 2020, but double the share of 2019 or any year prior to that.