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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

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

“Buying high value art comes with risks, and conducting thorough due diligence of an artwork from top to bottom, is crucial to managing that risk.” Follow the link to find out 10 key considerations for potential buyers: Art Basel UBS #Art #ArtWorld #ArtMarket #HongKong #Provenance #Authenticity

Seven Key Art Basel 2024 Findings: Record visitor numbers, high prices, and strategic sales dominated the fair this year even though the art market faces uncertainty as a whole — the seven most important findings according to finews.art. #artbasel2024

Art Basel Hong Kong recently opened to VIPs with the most galleries participating since 2019. However, the art market is facing challenges, including an art market crash and concerns about the impact of the recently passed Safeguarding National Security law on freedom of expression. Despite this, the art community in Hong Kong hosted parties and events, including a performance by Sophie Ellis-Bextor. While some gallery directors and art dealers reported modest sales, others, like Hauser & Wirth, had significant sales, including works by Willem de Kooning and Philip Guston. What are your thoughts on the current state of the art market in Hong Kong and its potential impact on the future of the city's art scene?

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

Is Art Week the new Fashion Week? Perhaps... 👀 Here are some of the things I kept thinking about after running that art-filled, brand-forward marathon called Art Basel: Why are fashion house events turning into the week's hottest tickets? Are our tote bags quickly turning us into walking billboards? Should we let fashion brands positively resignify terms like vanity, when they commercially profit from such move? Are brands turning into galleries, while galleries turn into museums? More thoughts: https://lnkd.in/eYS2naEr

Paris vs London NO London & Paris This month of October could be renamed the European Art Month. Taking of with Frieze and PAD Design in early October, continuing with the major London October auction sales Christie's, Sotheby's, Phillips, Bonhams... and closing with Art Basel Paris, it is a high quality, high level, high intensity art-filled month in the two European art capitals. However, the discourse as been antagonistic. At the The Art Business Conference in September, Guillaume Cerutti introduced a discussion, based not on emotions and fear, but on realism and authenticity. For historical context, Paris was the main hub in the world for artists and art since the age of Enlightenment, up until WWII. WWII led to an exodus of artists, seeking refuge in New York, establishing it as the new main hub for art and artists, explaining the rise of America as the first art market and the increased importance and recognition of American art mouvement since then (Abstract Expressionism, Pop Art and Photorealism/Hyperrealism). London benefited from its close ties to the US, gaining ground and slowly challenging Paris as the main European hub. Dealers, led by Leslie Waddington Custot, promoted important British mouvement such as YBAs (Young British Artists, with Michael Craig-Martin teaching and leading the pack, alongside Damien Hirst, Tracey Emin, Ian Davenport and Marc Quinn) and imported American art to Europe. London overtook Paris and Paris stagged behind. It seems the discourse in Europe today is whether the European art market will shift from London to Paris and the fight is just getting started. While this discourse is happening, where one would grow at the expanse of the other, we are brushing aside a much more important reflection: Europe could be loosing ground. And it is not with Paris against London but rather with London AND Paris together, that Europe will retain its place, offering a much need historical, freedom-oriented and enthusiastic art market. China became the world’s second largest art market in 2010, according to TEFAF market report, with a global share of 23%, overtaking the UK for the first time. Since then, it has actually gone down, with China representing 19%, the UK 17% and France 7% (slow but sure growth), according to the Art Basel UBS report ; but that is not what we are hearing! As a French man, I am happy to see Paris regain its rightful place, exemplified with Sotheby's new headquarters there ; and as a Londoner, I believe the cosmopolitan characteristic of its inhabitants, it's English language and its effervescence, remain key to retain London as the second art city in the world, behind New York, exemplified by Perrotin's new expansion to the city. It is together, by working alongside each other as French and British people have shown since the end of the 100 years war, through WWI and WWII and the Cold War, the London and Paris will retain and assert there importance and relevance in the art market.

Fashion is art, a statement epitomized by this styled editorial. Capturing the beauty of fashion and sculptural art, Natalya Resnik proves that the two mediums are one and the same. https://lnkd.in/e6RnubXm