Art Auction Market Analysis by Channel, Price, Product & Geography - Worldwide Forecasts to 2024
Nov 21, 2019, 15:30 ET
DUBLIN, Nov. 21, 2019 /PRNewswire/ -- The "Art Auction Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
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.
Market Dynamics
Growth Enablers
- Art Gains Popularity as Investment
- Growth of New Wealth
- Evolving Art Appreciation
- Growing Proliferation & Popularity of Museums
Market Restraints
- Lack of Regulations, Standardization, & Transparency
- Auctions Perceived as Intimidating & Overwhelming
- Art Authentication in Limbo
- Art Becomes Fleeting
Market Trends
- 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.
Key Vendors
- China Guardian
- Christie's
- Phillips de Pury& Company
- Poly Auction
- Sotheby's
Other Prominent Vendors
- Artcurial
- Artsy
- Beijing Council International Auction Company
- Bonhams
- Bruun Rasmussen
- DESA Unicum
- Dorotheum
- Doyle
- Grisebach
- Heritage Auctions
- Invaluable
- Koller Auctions
- K Auction
- KettererKunst
- Lempertz
- Mainichi Auction
- Paddle8
- SBI Art Auction
- Seoul 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
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 State of The Global Economy
8 Market Dynamics
8.1 Growth Enablers
8.2 Market Restraints
8.3 Market Trends
9 Global Art Auction Market
9.1 Market Size & Forecast
9.2 Five Forces Analysis
10 By Channel
10.1 Market Snapshot & Growth Engine
10.2 Market Overview
10.3 Offline
10.4 Online
11 By Price
11.1 Market Snapshot & Growth Engine
11.2 Market Overview
11.3 Top END
11.4 Mid Range
11.5 Low End
12 By Product
12.1 Market Snapshot& Growth Engine
12.2 Market Overview
12.3 Fine Art
12.4 Decorative Art
12.5 Antiques
13 By Geography
13.1 Market Snapshot& Growth Engine
13.2 Overview
14 North America
15 APAC
16 Europe
17 RoW
18 Competitive Landscape
18.1 Competition Overview
19 Market Vendor Analysis
19.1 Market Ranking Analysis
20 Key Company Profiles
20.1 Sotheby's
20.2 Christie's
20.3 Phillips de Pury& Company
20.4 Poly Auction
20.5 China Guardian
21 Other Prominent Vendors
21.1 Artcurial
21.2 Artsy
21.3 Beijing Council International Auction Company
21.4 Bonhams
21.5 Bruun Rasmussen
21.6 DESA Unicum
21.7 Dorotheum
21.8 Doyle
21.9 Grisebach
21.10 Heritage Auctions
21.11 Invaluable
21.12 Koller Auctions
21.13 K Auction
21.14 Ketterer Kunst
21.15 Mainichi Auction
21.16 Paddle8
21.17 SBI Art Auction
21.18 Seoul Auction
21.19 Lempertz
21.20 Zhong Cheng Auction
For more information about this report visit https://www.researchandmarkets.com/r/ytjhjm
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