In 2023, auction sales of works of art worldwide reached $14.9 billion, a drop of 14% compared to 2022. While auction sales are falling for most countries, China is an exception.
It is the only country among the top five powers in the art market – which account for 89% of global results – to record an increase. American market remains the leader with more than five billion dollars in sales, ahead of China and the United Kingdom, closely followed by India. The art market has shifted to the internet, with a 285% increase in online transactions.