The Global Art Auction Market to Reach Revenues of Over $38 billion by 2024 - Market Research by Arizton

CHICAGO, Nov. 5, 2019 /PRNewswire/ -- According to Arizton's recent research report, Art Auction Market - Global Outlook and Forecast 2019-2024 is expected to grow at a CAGR of over 3% during the forecast period.

Key Highlights Offered in the Report:  

1.  Art as a collectible market is creating a new buzz and gaining more casual audiences who are looking at it as investments. Globalization will make this into an investment class, contributing to the revenue growth.

2.  Among the top 150 collectors by industry, the financial sector leads the market by over 30% followed by real estate & construction and retail.

3.  Price appreciation for art pieces has increased by 1000% over the last half of the century, thereby, fueling the growth of the market.

4.  Millennials are the new wealth generators and as of 2018, 70% of fine art collectors are from this segment. Focusing on this target segment can impact the overall growth of the market during in the forecast period.

5.  Auction houses are trying to increase the depth of physical contact and enhance the offline experience resorting to practices that are typically seen in cultural institutions. They are dramatizing art events and offering previews and must-sees in order to fuel loyalty

6.  The contemporary market has become among the most coveted in the art auction space as it finds increasing cultural relevance backed by its strong financial potential.

Key Offerings:

• Market Size & Forecast by Revenue | 2018−2024
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by channels, price, product, and geography.
• Competitive Landscape – Profile of 5 key vendors and 20 other vendors.

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Art Auction Market – Segmentation

• The online art auction market has grown due to deep pocketed investors witnessing tons of players coming on board. The market has although become overcrowded and is bound for consolidation.
• The fine art auction segment drives the entire art auction market. The art collection is moving toward conscious consumption. A high number of consumers want to hang up paintings and experience it on a daily basis, thereby driving demand in the market.
• The top-end art auction market is witnessing a paradox – the higher the price of the artwork, the lower profits. The market for a majority of the dazzling pieces is largely down.

Market Segmentation by Channel

• Offline
• Online

Market Segmentation by Price

• Top End
• Medium End
• Low End

Market Segmentation by Products

• Fine Art
• Decorative Art
• Antiques

Market Segmentation by Geography

• North America
• Europe 
• APAC
• ROW

Art Exhibition Market – Dynamics

The global art auction market has witnessed uneven growth over the last few years. Factors such as the trade war between the US and China, the repercussion of Brexit, political uncertainty and a slowdown of overall growth of the global economy are immensely affect the market output. Globalization of cultural activities is occurring at record levels, societies are looking to underpin their individual/national identities, thereby leading to the expansion of the art auction market. The market is benefitting just as the global art industry has evolved heavily in quality but not so much in quantity. The market has become more fluid, fast, and mature due to increased knowledge sharing. The year 2018 was not a great year for the global economy, and it had a palpable influence on the trade of art. However, rare, high ticket items still did well. The contemporary and modern sectors did extremely well and are expected to do well during the forecast period.

Key Drivers and Trends fueling Market Growth:

• Evolving Art Appreciation
• Growing Proliferation and Popularity of Museums
• Female Artists Gain Ground
• Blockchain Finds its Ways in the Art Market

Art Exhibition Market – Geography

North America witnessed a solid growth of wealth in 2018 with the US holding a strong position, accounting for almost a third of the global wealth despite a low population base (5% of the world's population). The region accounts for more than 50% of the high-end collector base, a position it has held for over two decade in the face of intense globalization and shifting infrastructures of wealth. This has propelled the sale of art and antiques in the US via a good mix of national and international buyer base. The market is wide and continues to grow during the forecast period.

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Market Segmentation by Geography

• North America
• US
• Canada
• Europe
• France
• Germany
• UK
• Switzerland
• APAC
• China
• Japan
• Australia
• South Korea
• ROW
• Brazil
• South Africa
• UAE

Major Vendors

• China Guardian
• Christie's
• Phillips de Pury & Company
• Poly Auction
• Sotheby's

Other vendors include - 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, and Zhong Cheng Auction.

Explore our consumer goods and retail technology profiles to know more about the industry.

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SOURCE Arizton Advisory & Intelligence