The year 2023 saw the art market evolve against a backdrop of war, inflation, conflicting economic signals, and shifting consumer spending patterns, with notable variations across segments and geographies. Thus, the Chinese art market overtook the UK and became the second-largest market globally.

Sales in the Chinese art market increased by 9% to an estimated $12.2 billion after three straight years of decline. The US maintained its position as the leading market worldwide, accounting for 42% of sales by value, down by 3% year-on-year. Despite the fall in value, the volume of transactions grew in 2023, increasing to 39.4 million (up by 4% in 2022).

Both public auction and dealer sales decreased in 2023, although the decline in auctions was more severe: public auction and dealer sales shrunk by 7% and 3% year over year, respectively.

As 2024 unfolds, the broad trends observed in 2023 are likely to continue. Middle-income consumers globally find themselves in a relatively comfortable position. The majority of dealers and auction houses expect sales to increase or at least stabilize in 2024: looking ahead to this year, 36% of dealers expected an improvement in sales, 48% expected sales to remain stable, and 16% predicted a decline.
According to a number of metrics in the report, women artists are growing in prominence within the art market, but there is still some way to go before parity is achieved.