Arizton Advisory and Intelligence put out their report on the art auction market recently, and there are a few interesting points worth considering. In the report, they lay out the argument for why they expect the art auction market to grow to $38 billion by the year 2024. They also list geographic profiles and the significant vendors likely to play a large part in market growth.
The report highlights a few factors contributing to the success of the overall market. Evolving art appreciation, growing proliferation and popularity of museums, female artists rising in popularity and blockchain moving into the art world are a few highlights.
Another essential point to consider is that two major players currently dominate the art auction market. Sotheby’s and Christie’s make up 80% of the works selling for over $1 million. The extreme competition between the two companies will intensify as Sotheby’s goes private. North America accounts for over 50% of the high-end collector base, although it’s facing competition as wealth shifts to growing Asia markets.