The art auction market is expected to reach over $38 billion by 2024.
Key Market Insights
Offers market sizing and growth prospects of the art auction market for the forecast period 2019-2024.
Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the art auction market.
Includes a detailed analysis of market growth drivers, challenges, and investment opportunities.
Delivers a complete overview of market segments and the regional outlook of the art auction market.
Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in 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. 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.
Art Gains Popularity as Investment
Growth of New Wealth
Evolving Art Appreciation
Growing Proliferation & Popularity of Museums
Lack of Regulations, Standardization, & Transparency
Auctions Perceived as Intimidating & Overwhelming
Art Authentication in Limbo
Art Becomes Fleeting
AI, Big Data, & Machine Learning Find Takers
Experiencing Art & its Backstory
Female Artists Gain Ground
Blockchain Finds its Way Into Art Market
Art Auction Market: Segmentation
This research report includes detailed market segmentation by channels, price, product, and geography.
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.
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.
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.
Art Auction Market: Geography
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.
Key Vendor Analysis
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.
Phillips de Pury& Company
Other Prominent Vendors
Beijing Council International Auction Company
SBI Art Auction
Zhong Cheng Auction
Key Topics Covered
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage 4.1 Market Definition 4.2 Base Year 4.3 Scope of the study 4.4 Market Segments