The Art Market 2020
Chapter 7 Economic Impact & Conclusions
Chapter 7 discusses the significant economic contribution the art market makes to the economies in which it operates in terms of employment and revenues, as well as the support of a range of ancillary industries. It concludes by reviewing some of the key issues from the report that continue to affect the market in 2020.
It is estimated that there were approximately 310,810 businesses operating in the global art and antiques market in 2019, employing 3 million people, relatively stable on 2018.
Businesses and Employment in the Global Art Market
There were more than 2.7 million people employed worldwide in the gallery and dealer sector in 2019 in about 296,580 businesses. 62% of those employed in the sector were women, and 56% were under 40 years of age.
Gender and Age Profile in Employment in the Dealer Sector in 2019
The auction sector was estimated to have employed 285,100 people worldwide in 2019 (an increase of 1% on 2018) in about 14,230 businesses.
Businesses and Employment in the Global Auction Market
In 2019, it is estimated that the global art trade spent $19.9 billion on a range of ancillary and external support services directly linked to their businesses, supporting 368,860 jobs.
Share of Expenditure by the Global Art Trade on Ancillary Services in 2019
The largest area of expenditure, although only incurred by dealers, was on art fairs, which reached $4.6 billion, a decline of 4% year-on-year and representing 23% of total ancillary expenditure.
Estimated Total Art Fair Costs 2015–2019