The world’s art market hit the buffers in 2023, falling 4 per cent to a three-year low of $65bn as the macroeconomic and geopolitical backdrop slowed activity at the top end, according to a new report. The annual Art Basel and UBS Art Market Report found that the wealthy “are not immune to disruptive financial, social or political changes”, according to author Clare McAndrew of Arts Economics. Continuing uncertainty points to “stable” expectations for 2024, she said.
In a stark reversal of recent trends, the greatest falls were for the highest-priced works. Values fell sharply for art priced at more than $10mn at auction — the only segment to grow in 2022 but down by 40 per cent last year. The largest private dealers, with annual turnover of more than $10mn, reported an average decline in sales of 7 per cent, based on McAndrew’s survey of more than 1,600 galleries. There was some better news at the lower end of the scale as volumes improved and dealers with turnover below $500,000 had the largest increase in sales (11 per cent
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