As Jeremy R. Howard writes in the beginning of his article “Art Market” in Encyclopædia Britannica,
“Art market, [is a] physical or figurative venue in which art is bought and sold. At its most basic an art market requires a work of art, which might be drawn from a very wide range of collectible objects; a seller; and a buyer, who may participate directly in negotiations or be represented by agents.”
Considering the history of art this is definitely true because the ancient art market scenes have seen this kind of trade and even in the 21st century with all the technological advances, we face the same business in different forms, like an old wine in a new bottle.
The art market has developed through centuries and millennia. War and peace, economic depression and growth, etc. have all influenced art market through history.
Due to economic changes, in recent years, the three main markets have been the United States, China and England with different degrees of development throughout the years.
The Art Basel and UBS Global Art Market Report in 2019 provides some key findings, some of which are seen below:
Global Sales: Showing a second consecutive year of positive growth, the global
art market in 2018 reached $67.4 billion, up 6% year-on-year. This brings the market to its second highest level in 10 years, with values advancing 9% over the decade from 2008 to 2018.
Leading Markets: The top three markets – United States, United Kingdom and China – further cemented their position in the market in 2018, accounting for 84% of total sales by value.
This report tells us about: Dealer Figures, Auctions Figures, Art Fairs, Online Sales, Global Wealth and Art Buyers, Artist Representation and Gender Issues, and the Economic Impact.
Below you can see and hear the perspectives of three international art connoisseurs about art market.