PUBLISHED DATE : Oct 2019 | Pages : 234
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Art Auction Market Size, Share, Trends, Analysis Report by Channel (Offline and Online), Price (Top End, Medium-Range, and Low End), Product (Fine Art, Decorative Art, and Antiques), and Geography (APAC, Europe, Latin America, Middle East & Africa, and North America), Industry Analysis Report, Regional Outlook, Growth Trends, Competitive Landscape, Market Share & Forecast, 2019–2024
234 Pages
19 Tables
78 Charts
4 Regions
13 Countries
25 Companies
4 Market Segment
| Report Attribute | Details |
|---|---|
| Market Size (REVENUE) | USD 38 BILLION (2024) |
| CAGR | 3% (2019-2024) |
| Base Year | 2018 |
| Forecast Year | 2019-2024 |
| Market Segments | Channel (Offline and Online), Price (Top End, Medium-Range, and Low End), Product (Fine Art, Decorative Art, and Antiques) |
| Geographic Analysis | APAC, Europe, Latin America, Middle East & Africa, and North America |
| Countries Covered | Australia, Brazil, Canada, China, France, Germany, Japan, South Africa, South Korea, Switzerland, UAE, UK, US, and UAE |
The entry of blockchain in the market is expected to improve trust and transparency
The art auction market size to cross USD 38 billion by 2024, growing at a CAGR of over 3% during the forecast period. The use of Artificial Intelligence technology in the global art auction market is expected to increase revenue streams, help make decisions, and enhance user experience. Since the art market is unpredictable, highly volatile, dependent on research and knowledge, and held by the reins of taste, emotions, and human subjectivity, it makes for predictive AI technology a compelling reason to harness the potential of big data. While it is not entirely replacing the human element, the technology is increasingly making the market efficient and helping to navigate the complicated terrain of information.
Several art auction houses and online marketplaces are using AI and machine learning technology to support artists in selling their work and assisting collectors with finding pieces they would like for purchase. ArtRank is synonymous to an art-market analyst helping institutions and collectors make informed collecting decisions through its machine learning algorithms by aiding in determining the future value of works by budding artists.
The entry of blockchain is expected to improve trust and transparency in the global market by offering new owners a trusted place to carry out due diligence, explore provenance, thereby reducing transaction costs by eliminating intermediaries and making more informed purchasing decisions.
This research report includes detailed market segmentation by
The offline segment is expected to witness an incremental growth of $7 billion by 2024.
The offline segment has become more diverse in terms of lots. The offline segment is likely to retain its dominance in the market as it is one of the few cultural-led businesses that has not been affected by the digital revolution. Several vendors are offering incentives to get edgy buyers and sellers to participate in auctions. Hong Kong, Japan, and South Korea have recorded massive growth. However, Europe, where most large auction houses were born, remains a broad zone of supply and export.
Since the online market has tons of potential for those with a penchant for art regardless of their budget, the segment is expected to grow. The online segment is expected to overcome several challenges arising from the broadening market. Vendors depend on mobile applications that enable real-time bidding and live to stream of auctions. Hence, technology is thereby playing more of a complementary role than a supplementary role.
The top-end segment is highly dependent on brand value and popularity
The top-end segment is highly concentrated due to low-profit margins with high risks. The segment is highly dependent on brand value and popularity. As the competition in the top-end segment is intense, players often undercut each other and are ready to decrease their commissions for the sake of staying competitive.
The mid-range segment is in the right place. The quality and the sheer scale of the market are beginning to increase the appeal for sellers. The US, China, and the UK account for more than 75% of the mid-range segment with China taking the lead in terms of value.
Owing to the advent of the digital revolution, an inclusive scenario has evolved for those interested in low-end arts. With the emergence of players such as Artsy and Invaluable, there has been an explosion of sales in the low-end segment.
The decorative segment is growing at a stable rate as it is not necessarily subject to speculative collecting
The scope of fine and decorative art segments has witnessed expansion and shrinkage with the change in definition and value. The demand is coming mostly from high-quality fine art. The collectors in Western and Eastern Asia and the Middle East are bolstering the market among global collectors. The collection is moving toward conscious consumption. As the art market is globalizing, new strategies have come forth to auction off noteworthy fine artworks outside of major art capitals.
The decorative segment is growing at a stable rate as it is not necessarily subject to speculative collecting. Cyclicality and supply and demand dynamics are the major underlying factors driving the decorative segment. However, this market is a lot more dependent on provenance, scarcity, and condition of the art.
The market in the US has a stronghold, with New York dubbed as the international capital of the art market
North America witnessed solid growth in 2018, with the US holding a strong position in the market. The region accounts for more than 50% of the high-end collector base, a position it has held for over two decades in the face of intense globalization and shifting infrastructures of wealth.
As the APAC market is at the center of capital flows across the globe, the region is benefitting from structural changes, which are demonstrating the highest potential for the market. Collectors in the region prefer buying at auctions over art fairs. A stable eco-political climate and the increased confidence in spending have resulted in the thriving auction market. Vendors can substitute loss in Europe through growth in Asia.
Barring the UK, the EU share declined by 8% in 2018, owing to prolonged market stagnation. This is mainly because of its regulatory structure, which makes it extremely expensive and complicated to carry out art transactions. Live bidding and online sales are used to expand the customer base.
South Africa is likely to act as a springboard for the market of other African nations as works from contemporary artists from Ghana, Nigeria, and Cote D’Ivoire are being displayed in Johannesburg and Cape Town. In Latin America, there is expected to be renewed interest in the art scene in the region as higher visibility will likely increase dialogue between global art collectors and local auction houses.
Although the Middle Eastern economy is under stress, art has been viewed as a means of expression, driving the organic growth of the market, marked by the rapid growth of new museums, an increase in art production, and the growth of art institutions.
The market is a duopoly - Sotheby’s and Christie’s. This is mainly because of the growing number of wealthy buyers that are contesting for a dwindling supply of the most famous artists. Both the firms have combined sales of more than 80% of works going for more than $1 million, and the competition between them is active. As Sotheby’s goes private, it is expected to intensify as the company regains its ability to compete more successfully with Christie’s without having to cut back on its negotiation for guarantees, specifically in high-value assignments. Phillips, however, while still far behind in terms of revenues, is showing quite some potential in catching up.
The market is not plagued by artificial scarcity. Most houses put on sale anything with very few exceptions. Vendors nevertheless face the challenge of sourcing of valuable, quality property to sell. Seeing as competition also comes from art dealers across all collecting categories, it is essential that vendors create meaningful, personal, and institutional relationships by providing clients with guidance on identity, collection, acquisition, and development. Auction houses must further aid with services that fall under finances, personal considerations, and logistics when it comes to helping clients sell their artwork.
Market Segmentation by Channel
By Price
By Product
By Geography
Frequently Asked Questions
What is the market size and CAGR of the Art Auction Market?
Art auction market size to reach USD over 38 billion by 2024 growing at a CAGR of over 3% during the forecast period.
what factors are contributing to the growth of the Art Auction Market?
Several art auction houses and online marketplaces are using AI and machine learning technology to support artists in selling their work and assisting collectors with finding pieces they would like for purchase.
what technological factors are contributing to the growth of the the Art Auction Market?
The use of Artificial Intelligence technology in the global art auction market is expected to increase revenue streams, help make decisions, and enhance user experience. The entry of blockchain is expected to improve trust and transparency in the global market by offering new owners a trusted place to carry out due diligence, explore provenance, thereby reducing transaction costs
What is the growth of North American art auction market?
North America witnessed solid growth in 2018, with the US holding a strong position in the market. The region accounts for more than 50% of the high-end collector base
The following factors are likely to contribute to the growth of the art auction market during the forecast period:
Base Year: 2018
Forecast Year: 2019–2024
The study considers the present scenario of the art auction market and dynamics for the period 2018−2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The report covers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent companies operating in the market.
Key Vendors
Other Prominent Vendors
Market Segmentation by Channel
Market Segmentation by Price
Market Segmentation by Product
Market Segmentation Geography
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.2 Base Year
4.3 Scope of the study
4.4 Market Segments
4.4.1 Market Segmentation by Channel
4.4.2 Market Segmentation by Price
4.4.3 Market Segmentation by Product
4.4.4 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Global Art Auction Market at a Glance
7 Introduction
7.1 State of The Global Economy
7.1.1 Collector Profiles
8 Global Art Auction Market Dynamics
8.1 Growth Enablers
8.1.1 Art Gains Popularity as Investment
8.1.2 Growth of New Wealth
8.1.3 Evolving Art Appreciation
8.1.4 Growing Proliferation & Popularity of Museums
8.2 Market Restraints
8.2.1 Lack of Regulations, Standardization, & Transparency
8.2.2 Auctions Perceived as Intimidating & Overwhelming
8.2.3 Art Authentication in Limbo
8.2.4 Art Becomes Fleeting
8.3 Market Trends
8.3.1 AI, Big Data, & Machine Learning Find Takers
8.3.2 “Experiencing” Art & its Backstory
8.3.3 Female Artists Gain Ground
8.3.4 Blockchain Finds its Way Into Art Market
9 Global Art Auction Market
9.1 Market Size & Forecast
9.2 Five Forces Analysis
9.2.1 Threat of New Entrants
9.2.2 Bargaining Power of Suppliers
9.2.3 Bargaining Power of Buyers
9.2.4 Threat of Substitutes
9.2.5 Competitive Rivalry
10 Global Art Auction Market By Channel
10.1 Market Snapshot & Growth Engine
10.2 Market Overview
10.3 Offline
10.3.1 Market Size & Forecast
10.4 Online
10.4.1 Market Size & Forecast
11 Global Art Auction Market By Price
11.1 Market Snapshot & Growth Engine
11.2 Market Overview
11.3 Top END
11.3.1 Market Size & Forecast
11.4 Mid Range
11.4.1 Market Size & Forecast
11.5 Low End
11.5.1 Market Size & Forecast
12 Global Art Auction Market By Product
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Fine Art
12.3.1 Market Size & Forecast
12.3.2 Post-war & Contemporary Art
12.3.3 Impressionist & Modern Art
12.3.4 Old Masters Art
12.3.5 Photography
12.4 Decorative Art
12.4.1 Market Size & Forecast
12.5 Antiques
12.5.1 Market Size & Forecast
13 By Geography
13.1 Market Snapshot & Growth Engine
13.2 Overview
14 North America
14.1 Market Size & Forecast
14.2 Key Countries
14.2.1 US: Market Size & Forecast
14.2.2 Canada: Market Size & Forecast
15 APAC
15.1 Market Size & Forecast
15.2 Key Countries
15.2.1 China: Market Size & Forecast
15.2.2 Japan: Market Size & Forecast
15.2.3 Australia: Market Size & Forecast
15.2.4 South Korea: Market Size & Forecast
16 Europe
16.1 Market Size & Forecast
16.2 Key Countries
16.2.1 UK: Market Size & Forecast
16.2.2 France: Market Size & Forecast
16.2.3 Switzerland: Market Size & Forecast
16.2.4 Germany: Market Size & Forecast
17 RoW
17.1 Market Size & Forecast
17.2 Key Countries
17.2.1 Brazil: Market Size & Forecast
17.2.2 South Africa: Market Size & Forecast
17.2.3 UAE: Market Size & Forecast
18 Competitive Landscape
18.1 Competition Overview
19 Market Vendor Analysis
19.1 Market Ranking Analysis
20 Key Company Profiles
20.1 Sotheby’s
20.1.1 Business Overview
20.1.2 Major Offerings
20.1.3 Key Strengths
20.1.4 Key Strategies
20.1.5 Key Opportunities
20.2 Christie’s
20.2.1 Business Overview
20.2.2 Major Offerings
20.2.3 Key Strengths
20.2.4 Key Strategies
20.2.5 Key Opportunities
20.3 Phillips de Pury & Company
20.3.1 Business Overview
20.3.2 Major Offerings
20.3.3 Key Strengths
20.3.4 Key Strategies
20.3.5 Key Opportunities
20.4 Poly Auction
20.4.1 Business Overview
20.4.2 Major Offerings
20.4.3 Key Strengths
20.4.4 Key Strategies
20.4.5 Key Opportunities
20.5 China Guardian
20.5.1 Business Overview
20.5.2 Major Offerings
20.5.3 Key Strengths
20.5.4 Key Strategies
20.5.5 Key Opportunities
21 Other Prominent Vendors
21.1 Artcurial
21.1.1 Business Overview
21.1.2 Major Offerings
21.1.3 Key Strengths
21.1.4 Key Strategies
21.2 Artsy
21.2.1 Business Overview
21.2.2 Major Offerings
21.2.3 Key Strengths
21.2.4 Key Strategies
21.3 Beijing Council International Auction Company
21.3.1 Business Overview
21.3.2 Major Offerings
21.3.3 Key Strengths
21.3.4 Key Strategies
21.4 Bonhams
21.4.1 Business Overview
21.4.2 Major Offerings
21.4.3 Key Strengths
21.4.4 Key Strategies
21.5 Bruun Rasmussen
21.5.1 Business Overview
21.5.2 Offerings
21.5.3 Key Strengths
21.5.4 Key Strategies
21.6 DESA Unicum
21.6.1 Business Overview
21.6.2 Offerings
21.6.3 Key Strengths
21.6.4 Key Strategies
21.7 Dorotheum
21.7.1 Business Overview
21.7.2 Offerings
21.7.3 Key Strengths
21.7.4 Key Strategies
21.8 Doyle
21.8.1 Business Overview
21.8.2 Offerings
21.8.3 Key Strengths
21.8.4 Key Strategies
21.9 Grisebach
21.9.1 Business Overview
21.9.2 Offerings
21.9.3 Key Strengths
21.9.4 Key Strategies
21.10 Heritage Auctions
21.10.1 Business Overview
21.10.2 Offerings
21.10.3 Key Strengths
21.10.4 Key Strategies
21.11 Invaluable
21.11.1 Business Overview
21.11.2 Offerings
21.11.3 Key Strengths
21.11.4 Key Strategies
21.12 Koller Auctions
21.12.1 Business Overview
21.12.2 Offerings
21.12.3 Key Strengths
21.12.4 Key Strategies
21.13 K Auction
21.13.1 Business Overview
21.13.2 Offerings
21.13.3 Key Strengths
21.13.4 Key Strategies
21.14 Ketterer Kunst
21.14.1 Business Overview
21.14.2 Offerings
21.14.3 Key Strengths
21.14.4 Key Strategies
21.15 Mainichi Auction
21.15.1 Business Overview
21.15.2 Offerings
21.15.3 Key Strengths
21.15.4 Key Strategies
21.16 Paddle8
21.16.1 Business Overview
21.16.2 Offerings
21.16.3 Key Strengths
21.16.4 Key Strategies
21.17 SBI Art Auction
21.17.1 Business Overview
21.17.2 Offerings
21.17.3 Key Strengths
21.17.4 Key Strategies
21.18 Seoul Auction
21.18.1 Business Overview
21.18.2 Offerings
21.18.3 Key Strengths
21.18.4 Key Strategies
21.19 Lempertz
21.19.1 Business Overview
21.19.2 Offerings
21.19.3 Key Strengths
21.19.4 Key Strategies
21.20 Zhong Cheng Auction
21.20.1 Business Overview
21.20.2 Offerings
21.20.3 Key Strengths
21.20.4 Key Strategies
22 Report Summary
22.1 Key Takeaways
22.2 Strategic Recommendations
22.3 Quantitative Summary
22.3.1 Channel
22.3.2 Price
22.3.3 Product
22.3.4 Geography
23 Appendix
23.1 Abbreviations
List of Exhibits
Exhibit 1 Segmentation of Global Art Auction Market
Exhibit 2 Market Size Calculation Approach 2018
Exhibit 3 Pulse of Global Art Auction Market 2018
Exhibit 4 Economic Profile
Exhibit 5 Global GDP Growth 2017 (annual % change)
Exhibit 6 Share of Top 150 Collectors by Industry
Exhibit 7 Art Gain Popularity as Investment
Exhibit 8 Growth of New Wealth
Exhibit 9 Global Wealth Statistics 2018
Exhibit 10 HNW Population that Likes Art by Medium
Exhibit 11 Evolving Art Appreciation
Exhibit 12 Growing Proliferation & Popularity of Museums
Exhibit 13 Lack of Regulations, Standardization, & Transparency
Exhibit 14 Statistics on Opaqueness, Price Manipulation, and Government Regulations
Exhibit 15 Auctions Perceived as Intimidating & Overwhelming
Exhibit 16 Art Authentication in Limbo
Exhibit 17 Art Becomes Fleeting
Exhibit 18 AI, Big Data, & Machine Learning Find Takers
Exhibit 19 “Experiencing” Art & its Backstory
Exhibit 20 Female Artists Gain Ground
Exhibit 21 Statistics on Fine Art Sales by Female Artists
Exhibit 22 Blockchain Finds its Way Into Art Market
Exhibit 23 Global Art Auction Market 2018–2024 ($ million)
Exhibit 24 Five Forces Analysis 2018
Exhibit 25 Incremental Growth by Channel 2018–2024
Exhibit 26 Global Art Auction Market by Channel ($ million)
Exhibit 27 Global Art Auction Market by Channel 2018 & 2024
Exhibit 28 Global Offline Art Auction Market 2018–2024 ($ million)
Exhibit 29 Global Online Art Auction Market 2018–2024 ($ million)
Exhibit 30 Statistics on Online Art Auction Market
Exhibit 31 Incremental Growth by Price 2018–2024 ($ million)
Exhibit 32 Global Art Auction Market by Price 2018−2024 ($ million)
Exhibit 33 Global Art Auction Market by Price 2018−2024
Exhibit 34 Global Top End Fine Art Auction Market by Value
Exhibit 35 Global Top End Art Auction Market 2018–2024 ($ million)
Exhibit 36 Global Top End Fine Art Auction Market by Value
Exhibit 37 Global Mid Range Art Auction Market 2018–2024 ($ million)
Exhibit 38 Global Low End Fine Art Auction Market by Value
Exhibit 39 Global Low End Art Auction Market 2018–2024 ($ million)
Exhibit 40 Incremental Growth by Product 2018–2024
Exhibit 41 Global Art Auction Market by Product ($ million)
Exhibit 42 Global Art Auction Market Growth Comparison by Product 2018–2024
Exhibit 43 Global Fine Art Auction Market 2018–2024 ($ million)
Exhibit 44 Post-war and Contemporary Art Market of Top 5 Countries by Value
Exhibit 45 Post-war and Contemporary Art Auction Market Statistics 2018–2024
Exhibit 46 Impressionist & Modern Art Market of Top 5 Countries by Value
Exhibit 47 Impressionist & Modern Art Auction Market Statistics 2018–2024
Exhibit 48 Old Masters Art Auction Market Statistics 2018–2024
Exhibit 49 Photography Auction Market Statistics 2018–2024
Exhibit 50 Global Decorative Art Auction Market 2018–2024 ($ million)
Exhibit 51 Global Antiques Art Auction Market 2018–2024 ($ million)
Exhibit 52 Incremental Growth by Geography 2018–2024
Exhibit 53 Global Art Auction Market by Geography 2018
Exhibit 54 Global Art Auction Market by Geography 2024
Exhibit 55 Art Auction Market in North America 2018–2024 ($ million)
Exhibit 56 Incremental Growth in North America 2018–2024
Exhibit 57 Art Auction Market in US 2018–2024 ($ million)
Exhibit 58 Canadian Art Auction Market by Price Segments in Volume 2018
Exhibit 59 Art Auction Market in Canada 2018–2024 ($ million)
Exhibit 60 Art Auction Market in APAC 2018–2024 ($ million)
Exhibit 61 Incremental Growth in APAC 2018–2024
Exhibit 62 China Art Market by Geography 2018
Exhibit 63 Auction Market in China 2018–2024 ($ million)
Exhibit 64 Art Auction Market in Japan 2018–2024 ($ million)
Exhibit 65 Art Auction Market in Australia 2018–2024 ($ million)
Exhibit 66 Art Auction Market in South Korea 2018–2024 ($ million)
Exhibit 67 Global Art Auction Market in Europe 2018–2024 ($ million)
Exhibit 68 Incremental Growth in Europe 2018–2024
Exhibit 69 Art Auction Market in UK 2018–2024 ($ million)
Exhibit 70 Art Auction Market in France 2018–2024 ($ million)
Exhibit 71 Art Auction Market in Switzerland 2018–2024 ($ million)
Exhibit 72 Art Auction Market in Germany 2018–2024 ($ million)
Exhibit 73 Art Auction Market in ROW 2018–2024 ($ million)
Exhibit 74 Incremental Growth in ROW 2018–2024
Exhibit 75 Art Auction Market in Brazil 2018–2024 ($ million)
Exhibit 76 Art Auction Market in South Africa 2018–2024 ($ million)
Exhibit 77 Art Auction Market in UAE 2018–2024 ($ million)
Exhibit 78 Marketing Mix of the Art Auction Market
List of Tables
Table 1 Key Caveats
Table 2 Currency Conversion 2013−2018
Table 3 Price Appreciations of Significant Artworks
Table 4 Highest Online Price Paid for Art by HNW Buyers 2018
Table 5 Average Buyer and Seller Commissions 2018*
Table 6 Market Ranking Analysis 2018
Table 7 Sotheby’s: Art Offerings
Table 8 Christie’s: Art Offerings
Table 9 Phillips de Pury & Company: Art Offerings
Table 10 Poly Auction: Art Offerings
Table 11 China Guardian: Art Offerings
Table 12 Global Art Auction Market by Channel ($ million)
Table 13 Global Art Auction Market by Channel (%)
Table 14 Global Art Auction Market by Price ($ million)
Table 15 Global Art Auction Market by Price (%)
Table 16 Global Art Auction Market by Product ($ million)
Table 17 Global Art Auction Market by Product (%)
Table 18 Global Art Auction Market by Geography ($ million)
Table 19 Global Art Auction Market by Geography (%)
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