GITNUX REPORT 2024

Global Art Industry Statistics: $64.1B Market, $5.7B Logistics, 270K Galleries

Exploring the Lucrative Art Industry: Insights into the Multibillion-Dollar Global Market and Industry Trends.

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

The global art market reached a total value of $64.1 billion in 2019.

Statistic 2

Online art sales amounted to $4.82 billion worldwide in 2019.

Statistic 3

The global market for art prints and reproductions is projected to exceed $15 billion by 2027.

Statistic 4

The auction house Christie's achieved a total sales value of $4.04 billion in 2019.

Statistic 5

The art industry contributed $878.2 billion to the US economy in 2019.

Statistic 6

The global art and antiques market reported a total sales value of $64.9 billion in 2019.

Statistic 7

Art market sales in Europe amounted to €29.9 billion in 2019.

Statistic 8

Spending on art materials in the US reached $3.1 billion in 2019.

Statistic 9

The fine art insurance market had a global value of $2.97 billion in 2019.

Statistic 10

The global market for art logistics and transportation services was valued at $5.7 billion in 2019.

Statistic 11

In 2019, art market sales through social media platforms reached $6.77 billion.

Statistic 12

Art market sales in Asia reached $12.9 billion in 2019.

Statistic 13

The global market for art framing services was valued at $17.6 billion in 2019.

Statistic 14

The market for art authenticity verification services is projected to reach $31.7 billion by 2027.

Statistic 15

The global market for art conservation and restoration services was worth $2.4 billion in 2019.

Statistic 16

In 2019, the Middle Eastern art market achieved a total sales value of $14.8 billion.

Statistic 17

Art market sales in Latin America amounted to $2.1 billion in 2019.

Statistic 18

The global market for art education services was valued at $89.6 billion in 2019.

Statistic 19

The market value of art-focused luxury goods reached $38.9 billion in 2019.

Statistic 20

The global market for art publishing was valued at $16.2 billion in 2019.

Statistic 21

The global market for art licensing and merchandising reached $269.2 billion in 2019.

Statistic 22

Art fairs attracted over 370,000 visitors in Switzerland in 2019.

Statistic 23

Over 75% of art collectors globally use Instagram for art-related purposes.

Statistic 24

Female artists accounted for just 2% of the global art market in 2019.

Statistic 25

The number of art galleries worldwide reached approximately 270,000 in 2019.

Statistic 26

Auction house Sotheby's achieved total sales of $4.4 billion in 2019.

Statistic 27

The number of jobs in the visual and performing arts industry in the UK reached 137,000 in 2019.

Statistic 28

The average price for a work of art sold at auction in 2019 was $5,456.

Statistic 29

The average annual growth rate of the global art market was 6% between 2017 and 2019.

Statistic 30

The global market for art auctions experienced a 16% decrease in overall sales in 2019.

Statistic 31

Art-related fraud cases have doubled from 2018 to 2019.

Statistic 32

The global market for art rental services is expected to grow by 13.3% from 2020 to 2027.

Statistic 33

The market value of contemporary art rose by 15% in 2019 to reach $7.5 billion.

Statistic 34

The digital art market is estimated to reach a value of $335 million by 2022.

Statistic 35

The global market for art authentication technologies is set to grow by 8.5% from 2020 to 2027.

Statistic 36

The market for art investment services is projected to reach $9.4 billion by 2027.

Statistic 37

The market for art investment funds is predicted to grow by 11.2% from 2020 to 2027.

Statistic 38

The United States accounted for 42% of the global art market sales in 2019.

Statistic 39

Chinese art market sales accounted for 19% of the global total in 2019.

Statistic 40

Asia accounted for 48% of the global art market in 2019.

Share:FacebookLinkedIn
Sources

Our Reports have been cited by:

Trust Badges

Summary

  • The global art market reached a total value of $64.1 billion in 2019.
  • Online art sales amounted to $4.82 billion worldwide in 2019.
  • The United States accounted for 42% of the global art market sales in 2019.
  • The average price for a work of art sold at auction in 2019 was $5,456.
  • Art fairs attracted over 370,000 visitors in Switzerland in 2019.
  • The number of jobs in the visual and performing arts industry in the UK reached 137,000 in 2019.
  • Over 75% of art collectors globally use Instagram for art-related purposes.
  • Chinese art market sales accounted for 19% of the global total in 2019.
  • The global market for art prints and reproductions is projected to exceed $15 billion by 2027.
  • The auction house Christie's achieved a total sales value of $4.04 billion in 2019.
  • The average annual growth rate of the global art market was 6% between 2017 and 2019.
  • Female artists accounted for just 2% of the global art market in 2019.
  • The art industry contributed $878.2 billion to the US economy in 2019.
  • The global art and antiques market reported a total sales value of $64.9 billion in 2019.
  • Art market sales in Europe amounted to €29.9 billion in 2019.

Hold onto your paintbrushes and wallets, fellow art enthusiasts, because the art industry is no joke! With the global art market hitting a staggering $64.1 billion in 2019, online art sales up to $4.82 billion, and the United States proudly leading the charge with 42% market share, its a canvas filled with colorful statistics. From the average auction price of $5,456 to art aficionados flocking to fairs in Switzerland, and over 137,000 creative souls finding employment in the UK in 2019, the art world is a bustling hive of creativity and commerce. So whether youre a Monet or a Picasso in the making, buckle up as we explore the palette of possibilities in this multi-billion dollar industry!

Global Market Size

  • The global art market reached a total value of $64.1 billion in 2019.
  • Online art sales amounted to $4.82 billion worldwide in 2019.
  • The global market for art prints and reproductions is projected to exceed $15 billion by 2027.
  • The auction house Christie's achieved a total sales value of $4.04 billion in 2019.
  • The art industry contributed $878.2 billion to the US economy in 2019.
  • The global art and antiques market reported a total sales value of $64.9 billion in 2019.
  • Art market sales in Europe amounted to €29.9 billion in 2019.
  • Spending on art materials in the US reached $3.1 billion in 2019.
  • The fine art insurance market had a global value of $2.97 billion in 2019.
  • The global market for art logistics and transportation services was valued at $5.7 billion in 2019.
  • In 2019, art market sales through social media platforms reached $6.77 billion.
  • Art market sales in Asia reached $12.9 billion in 2019.
  • The global market for art framing services was valued at $17.6 billion in 2019.
  • The market for art authenticity verification services is projected to reach $31.7 billion by 2027.
  • The global market for art conservation and restoration services was worth $2.4 billion in 2019.
  • In 2019, the Middle Eastern art market achieved a total sales value of $14.8 billion.
  • Art market sales in Latin America amounted to $2.1 billion in 2019.
  • The global market for art education services was valued at $89.6 billion in 2019.
  • The market value of art-focused luxury goods reached $38.9 billion in 2019.
  • The global market for art publishing was valued at $16.2 billion in 2019.
  • The global market for art licensing and merchandising reached $269.2 billion in 2019.

Interpretation

In a world where brushstrokes meet dollars signs, the art industry's financial canvas in 2019 was nothing short of vibrant and eclectic. With a total value of $64.1 billion, it seems creativity truly pays off. From Christie's auction house racking up $4.04 billion in sales to social media platforms generating $6.77 billion in art transactions, it's clear that art knows no borders in the digital age. Yet, with the market for authenticity verification services projected to reach $31.7 billion by 2027, it appears even in the world of art, trust is a priceless commodity. The numbers may paint a pretty picture, but as the industry evolves, one thing remains certain - art, in all its forms, continues to be a driving force in the global economy, proving that beauty and business can indeed harmonize on the same canvas.

Market Participants and Consumers

  • Art fairs attracted over 370,000 visitors in Switzerland in 2019.
  • Over 75% of art collectors globally use Instagram for art-related purposes.
  • Female artists accounted for just 2% of the global art market in 2019.
  • The number of art galleries worldwide reached approximately 270,000 in 2019.
  • Auction house Sotheby's achieved total sales of $4.4 billion in 2019.

Interpretation

In the vibrant world of art, the statistics of 2019 paint a fascinating portrait of the industry. From the bustling art fairs in Switzerland, where visitors flocked like bees to honey, to the Instagram-savvy art collectors browsing masterpieces with just a swipe, it's clear that the game is evolving. Yet, amidst the flurry of activity, the stark reality remains: female artists are still fighting for their share of the spotlight in a market dominated by their male counterparts. Meanwhile, the sheer number of art galleries worldwide proves that art is not just a luxury, but a global passion that can be admired on every street corner. And as Sotheby's boasts record-breaking sales, one thing is certain: the art world is both a playground and a battlefield where creativity, commerce, and tradition collide in a whirlwind of beauty and business.

Market Segments and Specializations

  • The number of jobs in the visual and performing arts industry in the UK reached 137,000 in 2019.

Interpretation

In a world where creativity knows no bounds, the visual and performing arts industry in the UK is painting a vibrant picture with 137,000 jobs in 2019. From dancers pirouetting to painters splashing colors across canvases, these numbers reflect a workforce that doesn't just create beauty but also fuels the economy with its artistic prowess. So next time you marvel at a piece of art or get lost in a stirring performance, remember that behind the curtain lies a dedicated army of 137,000 artistic souls making the magic happen. Art isn't just a pretty picture; it's serious business.

Market Trends and Growth Rates

  • The average price for a work of art sold at auction in 2019 was $5,456.
  • The average annual growth rate of the global art market was 6% between 2017 and 2019.
  • The global market for art auctions experienced a 16% decrease in overall sales in 2019.
  • Art-related fraud cases have doubled from 2018 to 2019.
  • The global market for art rental services is expected to grow by 13.3% from 2020 to 2027.
  • The market value of contemporary art rose by 15% in 2019 to reach $7.5 billion.
  • The digital art market is estimated to reach a value of $335 million by 2022.
  • The global market for art authentication technologies is set to grow by 8.5% from 2020 to 2027.
  • The market for art investment services is projected to reach $9.4 billion by 2027.
  • The market for art investment funds is predicted to grow by 11.2% from 2020 to 2027.

Interpretation

In the ever-evolving world of art, the numbers tell a fascinating yet cautionary tale. From the average price of a piece sold at auction in 2019 being a modest $5,456 to the enigmatic growth rates and dips in the global art market, it's clear that this industry is as unpredictable as it is lucrative. As art-related fraud cases double and the market for authentication technologies grows, it's a reminder that while art may be timeless, trust and transparency are never to be undervalued. On the brighter side, the expected growth in art rental services and investment funds showcases a promising future for art enthusiasts and investors alike. So, whether you're a buyer, seller, or simply an admirer of art, one thing remains constant - in this world, beauty truly lies in the eye of the bidder.

Regional Market Share

  • The United States accounted for 42% of the global art market sales in 2019.
  • Chinese art market sales accounted for 19% of the global total in 2019.
  • Asia accounted for 48% of the global art market in 2019.

Interpretation

In the ever-evolving canvas of the art industry, the United States emerges as the bold and vibrant brushstroke, commanding 42% of global art market sales in 2019, while the Chinese market adds its own intricate detail, contributing 19% to the diverse palette of worldwide creativity. With Asia holding the largest share at 48%, this dynamic landscape proves that art knows no boundaries, transcending cultures and borders to weave a captivating tapestry of global expression and appreciation.

References