(ECNS) -- The United States, the United Kingdom, and China ranked the top three global art markets by sales in 2024, according to "The Art Basel and UBS Art Market Report 2025" published on Tuesday.
The report states that amid continued global economic uncertainty, total global art market sales in 2024 reached approximately $57.5 billion, down 12 percent compared to 2023. Yet, the number of transactions grew by 3 percent, reaching 40.5 million.
In 2024, the U.S. remained the world's largest art market, with sales totaling $24.8 billion, accounting for 43 percent of the global market. The UK ranked second with a market share of 18 percent and sales of $10.4 billion. China ranked third, with sales of $8.4 billion and a 15 percent market share.
A survey of art dealers revealed that in the 2024 global art market, 44 percent of buyers were new clients.
Lu Zijie, head of the UBS Wealth Management China, said that in 2024, China's art market followed the same trend as the global market, noting that as the effects of China's economic stimulus policies and measures gradually take hold, art dealers in China generally hold a cautiously optimistic outlook on the market's prospects.
(By Gong Weiwei)
京公網安備 11010202009201號