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Introduction to the Art Market Framework The value chain of the art industry can be a complex process. The ecosystem of the art market framework can be broadly categorized into primary and secondary markets, each serving distinct purposes in the commercialization of artworks. This guide, part of the Art Law Resources 2025, provides a comprehensive […]
Legal and Commercial Factors Shaping the Global Art Market Read More »
The Dawn of Art Patronage and the Renaissance Shift Art commissioning was once the exclusive domain of the aristocracy and ruling classes, who engaged artists to execute predetermined projects. The Renaissance period, however, marked a turning point. Artists began to enjoy greater creative freedom, and their unique styles garnered recognition among patrons. The value of
From Aristocratic Privilege to Investment Asset: The Evolution of the Art Market Read More »
Christie’s Declining Annual Sales 2024 marks another year in a row for Christie’s declining annual sales, when the auction house announced its projected results on Tuesday, December 17. Since a few sales are yet to be final, all the totals shared are mere estimates. In total, Christie’s generated $5.7 billion this year from live, online,
Christie’s Experienced a 6% Decline in 2024’s Annual Sale Read More »
Yes, recent reports indicate that the global art market is experiencing a slowdown. In 2023, the global art market had an estimated USD 65 billion in sales, down 4% year over year, as per the annual The Art Basel and UBS Global Art Market Report 2024. However, high interest rates, inflation, political turbulence and other
Is the Global Art Market Slowing Down? Read More »
Christie’s inaugural evening sale at its new Hong Kong headquarters on Thursday, September 26 realised a total of HK$1. The sale of 20th and 21st century art underscored the wariness of buyers to pay big prices, especially after Chinese collectors have pulled back from the market in response to global politics and domestic economic uncertainty.
Christie’s Hong Kong Auction Achieves HK$1bn Amid Market Slowdown Read More »
It was a cataclysmic season of 2024 spring auctions across the globe, with Sotheby’s, Christies and Phillips recording their worst bottom lines since the turn of this century. This decrease was caused by a number of factors, mainly — global economic uncertainty, overvalued prices and scarcity of top-notch masterpieces. What accounts for this upsurge in
2024 Spring Auction Season Sees Worst Financial Performance This Century Read More »
The Most Expensive Artists in the World: Icons of Art Market Success American art is a category of broadly defined culture, includes letters, textile work and other arts produced in the Americas that represent style or identity. As such, it spans a range of years, media, genres, and styles far too great to effectively preserve
China’s art market is divided into two segments: ‘Artworks’, which include paintings, sculptures, installations, photographs, industrial art, and limited replicas of artworks, and ‘Cultural relics’, which include movable and immovable relics. Artworks are less regulated, with the Administrative Measures for Operation of Artworks (effective from 2016) being the most important regulation. It requires pre-approval from
Art Basel 2024 Report: The Legal Framework of China’s Art Market Read More »
After experiencing two years of expansion, sales in the art market decelerated in 2023. Factors such as rising interest rates, persistent inflation, geopolitical conflicts, and uncertainty in global politics contributed to a more discerning and cautious approach among high-end buyers. This segment had been crucial in driving sales recovery following the COVID-19 pandemic in 2021
Art Basel 2024 Report: Sales in The Art Market Decelerated in 2023 Read More »
The New York evening auctions concluded on Thursday night with Christie’s 20th Century Evening Sale, achieving a total of $413 million, comfortably within its pre-sale estimate range of $342 million to $497 million. Highlights of the Auction The brisk, 64-lot sale featured notable pieces by renowned artists, including a David Hockney painting once owned by
Christie’s 20th Century Evening Sale Nets $413 Million Read More »