Struggling artists

Attendance at this year’s Art Basel Paris show, which concluded last weekend, nearly doubled from last year. Furthermore, the largest transaction, a USD 20 million spider sculpture, was three times greater than the largest sale in 2023. These latest figures may provide a splash of color for struggling artists. According to the recently released Art Economics report from UBS, after two years of growth, the global art market fell 4.4% by value year on year in 2023. Over the last ten years the art market has expanded at a less than 1% compound annual growth rate. Reflecting an apparent sense of caution exhibited elsewhere in the luxury market through the first half of 2024, art auction sales were down 30% from the prior year period according to Artnet.

Source: UBS, October 2024