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Global Art Market

Nervous art market waits on make-or-break New York sales

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Source: Financial Times

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour. https://www.ft.com/content/c440c0ea-9b05-4fb3-8e42-abac35783544 A nervous art market is waiting on the forthcoming auction season in New York, which begins at Christie’s on November 7, to determine the health — or otherwise — of the industry in a tricky year. Decent gallery sales were reported from the recent Frieze and Paris+ par Art Basel fairs, but the anecdotal evidence is that buying in general was more muted this year, particularly above the $100,000 level. The London auctions this month also fell short, while numbers from evening sales in New York in May were down 18 per cent on last year, according to ArtTactic.

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour. https://www.ft.com/content/c440c0ea-9b05-4fb3-8e42-abac35783544 “The London-Paris double header of fairs and auctions was quite wearing, and everyone had an eye on the New York auction highlights, which were prominently displayed,” says Hugo Nathan, founding partner of art advisory business Beaumont Nathan. “The art market relies on May and November. Right now there are buyers, despite all the trouble in the world, but they are not swallowing prices as they were.”

Read more: https://www.ft.com/content/c440c0ea-9b05-4fb3-8e42-abac35783544

Global Art Market

Eight Trends In The 2024 Global Art Market

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Source: Forbes

The changing tides of the global art market have been laid bare in the UBS Art Market Report 2024 by Arts Economics. According to the report, globally, art sales have slowed, save for China where they have increased by 9% to a staggering $12.2 billion. Online sales increased worldwide too, but the highest-priced art deals still tend to happen offline

Here are some of the most interesting trends identified in the report that I believe can help provide an outlook on the current global art market:

Read more: https://www.forbes.com/sites/forbesbusinesscouncil/2024/05/16/eight-trends-in-the-2024-global-art-market/

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Global Art Market

Global art sales down 4% to $65bn in 2023

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Source: Delano

2023 was a politically and economically complex year, says Arts Economics founder Clare McAndrew, and those complexities have filtered down into the art market. The global value of sales fell 4% to $65bn, while sales in China increased and online sales resurged.

After two years of growth, global art market sales have slowed down, found the eighth edition of the Art Basel & UBS Global Art Market Report, published in March 2024. In 2023, the global value of sales came to $65bn, falling 4% from $67.8bn in 2022. This figure, however, was still higher than the $64.4bn of sales seen in 2019, just before the outbreak of the covid-19 pandemic.

Read more: https://delano.lu/article/ubs-art-basel-2023-was-a-compl

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Global Art Market

Expo Chicago 2024 Proves City Is Strong Player On Global Art Stage

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Source: Forbes

In its first year as part of the Frieze network—which also acquired the Armory Show in 2023—Expo Chicago managed to balance its notably friendly Chicago atmosphere with a strong showing from the global art market. This past Sunday, Expo concluded the 11th edition of its annual four-day fair, with over 35,000 visitors and robust sales from 170 galleries representing 29 countries and 75 cities.

“In our 11th edition of Expo Chicago, we are grateful to now be part of the Frieze family,” said Tony Karman, President and Director of Expo Chicago. “There was a tangible sense of excitement around this year’s edition, a sentiment echoed by our patrons and gallerists, translating into strong sales and an energized atmosphere at the fair and throughout the city.”

Read more: https://www.forbes.com/sites/juliabrenner/2024/04/17/under-new-ownership-expo-chicago-2024-showed-the-city-as-a-strong-player-on-the-global-art-stage/

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