Arizton Advisory and Intelligence put out their report on the art auction market recently and there’s 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 overall markets success. Evolving art appreciation, growing proliferation and popularity of museums, female artist rising in popularity and blockchain moving into the art world are a few highlights. Another important point to consider is that the art auction market is currently dominated by two major players. 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.