Chapter 1 provides an overview of the global market in
2019, reporting on the value, volume, and regional
distribution of sales of art and antiques, with
a review of performance in the decade beginning
in 2010. It provides an overview of sales in some of the
major national art markets over a 10-year period.
The chapter also includes commentary on what trade
integration tells us about the art market, with an
analysis of US trade data over 30 years.
Global sales of art and antiques reached an estimated $64.1 billion in 2019, down 5% year-on-year, returning the market to just above its 2017 level.
Sales in the Global Art Market 2009–2019
The three major art hubs, the US, the UK, and China*
continued to account for a majority of the value of
global sales in 2019, although their share decreased
slightly by 2% year-on-year to 82%.
Global Market Share of the US, UK, and China 2010–2019
The US was the largest market worldwide and
accounted for 44% of global sales by value. Sales declined
5% year-on-year to $28.3 billion; however, the
market remained at its second highest level in history.
Global Share by Value of US – 2019
US Art Market Sales 2018–2019
After two years of resilient growth given the country’s
turmoil with the rollout of Brexit, the UK market
declined by 9% in 2019 to $12.7 billion, accounting for
20% of the global market by value.
Global Share by Value of UK – 2019
UK Art Market Sales 2018–2019
Sales in China fell by 10% in 2019 to reach $11.7 billion,
a second year of declining sales and accounting for 18%
of the global market.
Global Share by Value of China – 2019
China Art Market Sales 2018–2019
France was the one major market to buck the
declining trend, with sales advancing 7% in value to $4.2
billion, and increasing its global share from 6% to 7%.
Global Share by Value of France – 2019
France Art Market Sales 2018–2019
*The Chinese market (unless otherwise specified) refers to sales in mainland China, Hong Kong, Macau, and Taiwan.