The Global Art Market in 2024Recovery, Resilience, and Renewal in the Art Basel & UBS Report
- pao372
- Apr 9
- 1 min read
The year 2024 marked a period of growth for the art market, with global sales reaching $65 billion, an increase of 4% compared to the previous year. This is one of the key findings from the Global Art Market Report 2025, published by Art Basel and UBS, a trusted reference for collectors, galleries, and cultural institutions worldwide.
Leading Countries in the Market
The United States maintains its position at the top with a 42% market share, followed by China (19%) and the United Kingdom (17%). China's growth is particularly notable, fueled by the return of international art fairs and renewed domestic collecting enthusiasm.
The Core of the Market: Modern and Contemporary Art
Modern and contemporary artworks account for more than half of the total market value. Among the most sought-after artists are:
Yayoi Kusama, a symbol of pop art and hypnotic patterns
Gerhard Richter, a master of abstraction and experimentation
Jean-Michel Basquiat, a postmodern icon and global cultural figure
The Return of Art Fairs
2024 saw the spectacular comeback of major international art fairs, such as Art Basel Miami Beach, Frieze London, and Art Basel Hong Kong. Galleries, especially mid-sized ones, invested heavily in both physical and digital presence, fostering new synergies between local and global markets.
Conclusion
The art market continues to show resilience and adaptability, balancing the physical and digital realms, tradition and innovation. The trends of 2024 pave the way for a 2025 full of opportunity for collectors, artists, and art professionals.
Want to access the full report? Visit: theartmarket.artbasel.com
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