Tag #Art Sales

What are the primary factors contributing to the 12% decline in global art market sales in 2024?

Global art market sales dropped 12% in 2024 to $57.5 billion, marking the second consecutive year of decline. This downturn, according to the Art Basel and UBS report, is attributed to geopolitical tensions, economic volatility, and fragmented trade, impacting sales across all price points. Uncertainty surrounding potential US tariffs on art further dampened market activity.