Dr Clare McAndrew. Courtesy of Art
The Art Basel and UBS Global Art Market
Report, now in its seventh edition and credited to Clare McAndrew, provides the
most comprehensive macroeconomic analysis of the state of the global art
market. It's the only tool to get a snapshot of the industry's performance and
its comparison to the wider market.
The art industry has seen significant
growth in the past few years, with continued growth projected in the years to
come. According to a recent report, the global art market is expected to reach
$64 billion by 2026. This growth is due in part to the increasing number of
international artists making their mark on the global stage.
However, despite this growth, there are
some concerns about the future of the art industry. The report notes that while
the market for contemporary art is strong, sales of older works have been
declining. Additionally, there are concerns about the impact of global economic
conditions, as well as the increasing use of digital technologies in the art
One of the key drivers of growth in the art
industry has been the increasing number of international artists. These artists
bring new perspectives and styles to the global art scene and are often able to
command higher prices than their domestic counterparts. In fact, the report
notes that sales of art by international artists have increased by over 400% in
the past decade.
ROH Projects, Agus Suwage. Courtesy Art Basel
However, the rise of international artists
has also created new challenges for the art industry. Many of these artists are
based in countries with less developed art markets and may lack the resources
and support needed to succeed in the global marketplace. Additionally, there is
concern that the increasing focus on international artists may come at the
expense of local talent.
Despite these challenges, the future of the
art industry looks bright. With continued growth projected in the years to
come, there are plenty of opportunities for artists and collectors alike.
However, it will be important for the industry to address its challenges
head-on, and to find ways to support both local and international artists.
In conclusion, the art industry is poised
for continued growth in the coming years, with international artists playing a
key role in this growth. While there are some challenges to be addressed, the
future looks bright for this dynamic and ever-evolving industry.