In 2023, the United Kingdom became the second-largest art market in the world, moving ahead of China. This news comes from the Art Market Review by Ecclesiastical Insurance, using data from the Art Basel and UBS Global Art Market Report. The UK now holds 18% of the global market, thanks to strong local performance and a slowdown in Chinese sales.
UK Overtakes China in Art Sales
The report by Dr James Lindow highlights that the UK increased its market share from 17% to 18%, overtaking China. This growth came despite ongoing economic challenges in the UK due to Brexit. The three leading art markets—United States, United Kingdom, and China—together made up 76% of the global art sales in 2023.
The US continues to lead, but the UK’s steady rise is notable, especially as the EU’s share fell by 8%.
Global Art Market Faces Slowdown
While the UK performed better, the global art market took a hit. Sales dropped by 12%, falling to $57.5 billion in 2023. This is one of the biggest drops in the last 15 years, similar to declines seen in 2009 during the financial crisis and in 2020 during the peak of COVID-19.
Several issues led to this decline, including war in Ukraine, rising tensions in the Middle East, and past trade tariffs introduced by the US. Inflation and rising interest rates also added to the pressure on the global art market.
Affordable Art on the Rise
Although total sales dropped, more people were buying art—just at lower prices. The number of transactions grew by 3%, with a clear increase in sales of artwork priced below $5,000. Auction sales for these works went up in value by 7% and in number by 13%.
Dealers with less than $250,000 in turnover reported a 17% increase in business. Interestingly, many of these sales came from first-time buyers, who made up 44% of total clients. This suggests that the art market is becoming more accessible to everyday people.
Top Auction Sales of 2023
Despite the overall market dip, a few artworks still fetched record prices. The most expensive painting sold in 2023 was René Magritte’s L’empire des lumières, which went for a stunning $121.2 million at Christie’s in New York.
Other big sales included Ed Ruscha’s work at $68.3 million and Claude Monet’s piece, which sold for $65.5 million.
Even though the global art market slowed down in 2023, the UK saw a boost, taking second place in the world. While high-end sales dropped, lower-priced pieces gained attention, and new buyers entered the scene.
This shows a shift towards a more open and diverse art market, giving hope for future growth. The presence of affordable art and new collectors may help the market recover in the coming years.
