Sales of art fell by 12% last year, the art Basel and UBS report says star-news.press/wp

Sales in the international art market fell by 12 per cent in 2024 by 12 percent, according to the art market published on Tuesday and UBS Global Art Market. Annual reports, seen as the most reliable indicator of the size of the art market and health, said sales will fall in a row for the second year.

“The decline in the value was driven at the top of the end,” says that the report describes 2024 “is the year of geopolitical voltage, economic volatility and trade division.” Sales of single-year auctions obtained more than $ 10 million fell by 39 per cent, says the report fell by 9 per cent of more than $ 10 million.

“People had a greater risk,” Clare McAndrew, he wrote the report economist in an interview. “Compared to the offer, people were waiting to see how things came out and maintained. This affected the market that entered the market.”

“The buyer looked at this chilary and volatile image and wanted to join something that was more liquid, or given money,” said McAndrewk.

Report – The international international art market survey is mentioned in the most sought. In 2024, it calculates the full value of art sales in 2024, based on 1,600 vendor’s auction houses and surveys based on publicly available data.

Sales was a summit of $ 68.2 million in 2014, according to the report, but since then, even though it has been doubled in the last 10 years of military wealth, he got a record of $ 15.6 billion. At the time, Sales of other luxury sales They have risen; LVMH, World Luxury Conglomerate, published annual turnover $ 88 billion dollars Last year.

“There is so much wealth in many parts of the world who don’t buy art at the moment,” McAndrew said.

“The focus is so much in the nuclears that are already buying,” he added. “Growth must come with expanding the framework of interest.”

Last year, sales refused to all the geographical regions of art trade, as the report has. The United States kept the market dominated in the market, but the turnover fell by 9 per cent and for $ 24.8 million, the report says “political uncertainty about presidential elections.” Despite the challenges associated with Brexit, Britain regained the second place with sales of $ 10.4 million, only 5% year-on-year, according to the report. Art sales fell to $ 31 per cent to $ 8.4 billion, since 2009, “more economic growth, property market drop and other economic challenges,” reports said.

The bright spot of the report was to increase the level of activity at a low level.

The overall number of art trade transactions has increased by 3 percent in 2024 and 40.5 million euros, driven by the expansion of the subsequent online trade, reports. Sales of auction work sold below 5,000 dollars, adding 7 percent increase, and small vendors with a billing of $ 250,000 rose by 17 percent of the business in a row for the second year of second growth. The smallest sellers attracted the highest part of new buyers, “expanding the market to a broader audience stands out for the importance of smaller galleries,” according to Art Basile and UBS.

Looking forward, 80% of the reports of the report stable or improved sales said. However, these responses were compiled before the President Trump ad last Wednesday in almost every U.S. import and the stock exchange followed. For now, Art seems to be mostly exempt From the US fares, vendors are concerned about how these measures affect and affect economic incidents, they will damage international art trade.

“It’s wrong,” McAndrew said, he stressed that the effects of the tariff did not clear. “The growth of contemporary market has been able to easily move the boundaries around the goods. It is as worst as possible for the art market to succeed.”

“It will still be mutual potential, and there will be no damage to the damage, in general, will still be filters,” he added.

“Geopolitical voltage, economic volatility and trade parts” UBS and Art Basil report reveals in 2024 there are no seem soon.