Why growth in 2022 was not broad-based
Global sales rose 3%, but auction growth was confined to works above $10 million and dealer performance was strongest at the top end.
Aggregate growth hid divergence
The 2023 report covers 2022. Global sales rose 3% to $67.8 billion and transactions increased 1% to 37.8 million. Public-auction sales fell 1% to $26.8 billion; only the segment above $10 million increased. Dealer sales rose 7% to $37.2 billion, led by the high end.
Regions also moved apart
The US held 45% at $30.2 billion, up 8%; the UK held 18% at $11.9 billion, up 5%; China held 17% at $11.2 billion, down 14%; France approached $5 billion, up 4%.
Online receded from its peak
Online-only sales fell 17% to $11.0 billion, or 16% of the market. As fairs and auctions resumed, some activity returned in person, yet online sales remained 85% above 2019.
Aggregate value can be driven by a narrow high end. Ask where growth occurred before treating it as market-wide.