Global Art Market Shrinks by 12% as Economic Turmoil Reshapes Buyer Trends

Recent data reveals a sharp contraction in art sales, significant declines in China's market share, and a growing focus on lower-priced artworks.

The global art market experienced a 12% drop in sales in 2024, totaling $57.5 billion, as reported by UBS and Art Basel.
Economic and geopolitical instability, including U.S. tariff announcements and market crashes, were identified as key factors driving the downturn.
China's art market saw a steep 31% decline in 2024, falling to third place globally behind the U.S. and Great Britain.
Sales of lower-priced artworks under $50,000 increased, with 44% of transactions involving new buyers rather than established collectors.
Optimistic forecasts for 2025 by one-third of art dealers were made prior to the recent economic turbulence, undermining previous expectations for recovery.