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The Art Basel and UBS Global Art Market Report 2024, authored by cultural economist Dr. Clare McAndrew, is now available. This comprehensive report delves into the sales and various activities across different segments of the market, including galleries, auction houses, and art fairs. Key Findings: - The global art market showed resilience with sales reaching USD 65 billion, a slight 4% slowdown year-on-year, yet surpassing pre-pandemic levels. Growth in buyer activity was particularly pronounced at lower price levels. - The US maintained its leading position in the global art market, accounting for 42% of sales, while China emerged as the second-largest market with a 19% share. - Global online sales have increased by 7% year-on-year, reaching an estimated USD 11.8 billion, with the most significant growth driven by dealers’ own online channels and websites. - The fine art auction market saw a substantial decrease in the USD 10 million-plus segment, with growth in mid and lower-priced segments. Follow the link to download the report. #artcollecting #artexhibition #artmuseum #artinvesting #artinvestment #artcollector #artnews #artworld #artmarket #artmarketnews #artauction #artgallery #artfair #arthistory #artworld #fair #worldrecord #modernart #impressionism #postwar #contemporaryart #artbasel #marketreport #ubs https://lnkd.in/dYYDWYqJ

Usually the major auction houses run blue-chip art auctions in parallel in order to generate the highest possible amount of attention. It was therefore surprising that Sotheby’s was the only auction house to stage (relatively small) auctions in Hong Kong last week. Despite the particularly high sell-through rate of 95% the overall performance was only in line with somewhat lowered expectations. Total sales amounted to USD 86 million with only two blue-chip contemporary paintings selling for more than USD 10 million each. #diversification #artinvesting #artinvestment #alternativeassets

The Art Basel and UBS Global Art Market Report 2024, authored by cultural economist Dr. Clare McAndrew, is now available. This comprehensive report delves into the sales and various activities across different segments of the market, including galleries, auction houses, and art fairs. Key Findings: - The global art market showed resilience with sales reaching USD 65 billion, a slight 4% slowdown year-on-year, yet surpassing pre-pandemic levels. Growth in buyer activity was particularly pronounced at lower price levels. - The US maintained its leading position in the global art market, accounting for 42% of sales, while China emerged as the second-largest market with a 19% share. - Global online sales have increased by 7% year-on-year, reaching an estimated USD 11.8 billion, with the most significant growth driven by dealers’ own online channels and websites. - The fine art auction market saw a substantial decrease in the USD 10 million-plus segment, with growth in mid and lower-priced segments. #artcollecting #artexhibition #artmuseum #artinvesting #artinvestment #artcollector #artnews #artworld #artmarket #artmarketnews #artauction #artgallery #artfair #arthistory #artworld #fair #worldrecord #modernart #impressionism #postwar #contemporaryart #artbasel #marketreport #ubs

🎨 #Artsy recently released its "Art Industry Trends 2024" report, gathering insights from 716 gallerists and art dealers worldwide. The USA and the UK emerged as the top contributors, representing 42% and 10% of participants, respectively. The report highlights the current challenges in the art market, including declining sales, economic uncertainties, and gallery closures. Key takeaways from the report include: - Gallerists implementing cost-cutting strategies like reducing art fair participation and adjusting artwork prices to combat inflation challenges. - Nearly half of galleries focusing on trimming expenses to enhance profits, with operating costs on the rise for most respondents. - Discount trends showing that half of the galleries offered discounts on a portion of sales in 2023, with the majority maintaining discount levels similar to the previous year. - Emphasis on ultra-contemporary artists born after 1975, with 48% favoring artists born between 1975 and 1989. - Collaboration among galleries being widespread, with 64% co-representing artists and online platforms becoming vital for client acquisition, surpassing art fairs. The report underscores the adaptability and resilience of gallerists amid the ever-evolving art landscape. Additionally, recent announcements, such as the closure of #SimoneSubal Gallery, reflect the challenges faced by galleries in the current market climate, impacting even well-respected and successful entities. The decline in collector purchases and the tough market conditions have made survival challenging for galleries without substantial resources😏

As an architect deeply appreciative of the beauty and boldness of concrete in building design, I’ve long admired Tadao Ando’s ability to transform this material into clean, impactful architectural statements. This new building design once again showcases this mastery. However, as we strive towards sustainability, I find myself contemplating the environmental impact of concrete. It’s a material that, while architecturally significant, carries a substantial carbon footprint. I remain hopeful for the development and widespread adoption of green concrete alternatives, balancing our architectural ambitions with the urgent need for environmental responsibility 😊

The collector trends continue to steer towards a younger investor base as they seek to place their money into tangible assets. New investment platforms that blend art, finance and technology resonate with these more tech savvy individuals who also value the data and statistics that are now available to support what has historically been a very opaque market that relied heavily on being ‘in the know’ rather than indexed data with human interpretation to make informed and reasoned decision. The art market is going to be transformed over the next 5 years through the adoption of these new investing models that will attract more and more of the Gen Z and Millennials to the category.

⚓How to anchor rooms around statement art pieces: Six techniques to employ when deciding on the most impactful placements. #sothebysrealty #luxuryhomes via Sotheby's #coloradorealestate #realestate #colorado #denverrealestate #realtor #coloradorealtor #coloradohomes #denverrealtor #realestateagent #denver

"Step into a world of enchantment! ✨🚪 Watch as we turn a simple entry main door into a masterpiece, creating the most beautiful entrance to our client's dream home. The video unfolds the transformation journey, showcasing the artistry and creativity that welcomes you into a realm of beauty right from the doorstep. 🏡🎨 #DreamHomeEntrance #MuralMagic #ArtistryInEveryDetail"

Different for a reason. We deliver on time, on budget, and with a fully transparent process. Come see the difference yourself. #formaltraditional #interiordesign #fullservice #traditionaldesign #luxurydesign #artistry #bespoke #oldworld #petfriendly #transparent #ontimeonbudget #designismybusiness

A guide to see some sexy (yet wholesome) models: https://lnkd.in/etKp6tgX #villastein #crystalpalace #chiswickvilla #henburyrotunda #corbusier #josephpaxton #saltburn #models #makers #modelmaking #modelmakers #levete