Global Art Market
Seven Takeaways from The Art Basel and UBS Global Art Market Report 2024
The global art market totaled USD 65 billion in 2023, contracting by 4 percent year-over-year but remaining above its USD 64.4 billion pre-pandemic high, according to The Art Basel and UBS Global Art Market Report 2024, authored by Dr. Clare McAndrew, the founder of Arts Economics. The report can be downloaded for free here.
The market was constrained by factors including thinning sales at the highest price levels, high inflation and interest rates, an ongoing war in Ukraine, a new war in the Middle East, and uncertainty about economic growth in China. Those surveyed for the report also cited higher costs for things such as logistics and rent.
Here are seven key takeaways from The Art Basel and UBS Global Art Market Report 2024.
Artmarket.com, an Art Market global player with a strong emphasis on data, databases, and AI technology, reports numerous achievements including state recognition, innovative partnerships, and the successful implementation of a Standardized Market Place for art transactions. The company, which is geared towards a sustainable and tech-forward future, engages a large member base and is recognized for its eco-responsible initiatives.
Read more: https://www.tipranks.com/news/company-announcements/artmarket-com-innovating-the-global-art-market
Global Art Market
Christie’s CEO on hopes for new Asia HQ in Hong Kong, and its place in global art market
The usually smooth back and forth between auctioneer and bidder had an unexpected hitch during the sale of the top lot in Christie’s evening sale in Hong Kong on September 26.
Xin Li, deputy chairman at Christie’s, indicated to veteran auctioneer Adrien Meyer that her client on the phone wanted to place a bid for Vincent van Gogh’s Les Canots Amarrés (1887).
Instead of just adding a standard increment to the last bid, which was already at around HK$200 million (US$25.7 million), she hesitated and then blurted: “26 million!” Her client, it
“You can either buy clothes or buy pictures.” (Gertrude Stein)
The air will be filled with a different kind of buzz in Seoul this week as it hosts the third annual international art fair, Frieze Seoul. Over 110 leading art galleries worldwide will assemble for four days at the COEX Convention and Exhibition Center in Gangnam to showcase various works of contemporary art to guests and collectors. There promises to be no shortage of side events taking place throughout the city in coordination with the exhibit. Attendance this year is expected to be similar to the past two years at about 70,000 participants, which is larger than Frieze Los Angeles (roughly 35,000) and Frieze New York (roughly 25,000) combined but still slightly smaller than Art Basel Hong Kong or Frieze London (each at about 85,000). The event is part of a broader trend that suggests South Korea is emerging as a tour de force in the art world.
Read more: https://keia.org/the-peninsula/south-koreas-emergence-as-a-hub-in-the-global-art-market/
