Total global sales were down 5% to $64.1bn (£49.6bn) in 2019 with the US, again in top place, enjoying a 44% share of global sales by value at $28.3bn.
With a 20% share of the market at $12.7bn (down 9%), the UK continues to lead China which stays in third place with an 18% share (sales of $11.7bn, down 10%). The UK had a 21% market share in 2018.
Compiled by founder of Arts Economics Dr Clare McAndrew, the report uses 2019 data from auction houses, dealers, collectors, fairs and experts.
![Clare McAndrew.jpg](/media/53024/clare-mcandrew.jpg?width=700&height=500&mode=max&updated=03%2f05%2f2020+12%3a06%3a24)
The Art Basel and UBS global art market report 2020 was compiled by founder of Arts Economics Dr Clare McAndrew.
Online sales were estimated at $5.9bn, maintaining a market share of global sales by value of around 9% (8.9% in 2018 and 9.2% in 2019). Online sales dipped 2% year-on-year in 2019 but are still at their second highest ever level. Auction houses make up the majority of online sales with dealers reporting digital transactions made up 5% of their total in 2019.
The report stated the “turmoil with the rollout of Brexit” led to the year-on-year fall in total sales in the UK. The four large London auction houses (Christie’s, Sotheby’s, Bonhams and Phillips) typically account for around 70-75% of UK totals. The report found auction sales in the UK declined by 20% to $4.3bn, roughly inline with the change in total volumes worldwide (excluding private sales) which were down 17% year-on-year to $24.2bn.
The report found the main reason was the reduction in the volume of the highest priced lots – consignors were holding back from selling high value items. There was 35% fewer lots sold in the $10m-plus bracket in 2019.
Post-War and Contemporary art remained the largest sector with a share of 53% of global fine art auction sales by value and sales reached $6.1bn (but down 10% year-on-year). Auction sales of all Old Masters reached $843m in 2019, also falling 10%.
Private sales by auction houses increased, including more than $1.8bn of sales at Christie’s and Sotheby’s. McAndrew added: “The decline [in auction sales] and shift from public to private sales reflected to a large extent the uncertainty in many of the major art markets’ economies, with vendors enticed out of the public arena and into the relative security of private sales.”
![img_4-2.jpg](/media/53181/img_4-2.jpg?width=700&height=500&mode=max&updated=03%2f09%2f2020+09%3a25%3a54)
The UK maintained its position as the second largest art market last year, according to the latest Art Basel and UBS global art market report. Image copyright: Arts Economics (2020).
The art market in numbers
$64.1bn in sales in the global art market (down 5% year-on-year)
$12.7bn in UK sales (down 9%),
20% the UK’s market share (second place, down from 21% market share)
42% of the global sales are in the auction sector
58% of global sales are in the dealer sector
Auctions:
$24.2bn in global auction sales down 17% year-on-year
$4.3bn in UK auction sales down by 20%
Dealers:
$36.8bn of sales in 2019, up 2%
9% decline in sales for dealers with turnover between $500,000 and $1 million
17% rise in sales for dealers with turnover between $250,000 to $500,000
Online:
$5.9bn online sales (down 2%)
Data from: The Art Market 2020 An Art Basel & UBS Report Prepared by Dr Clare McAndrew Founder of Arts Economics