INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4.

OUTLOOK

Section Contents
Figure Contents 4 3. Auction Sales 135
Acknowledgements 9 Key Findings 136
Foreword by Art Basel 11 3.1 Auction Sales in 2023 139
Foreword by UBS 13 3.2 Top-Tier Auction Houses 146
3.3 Mid-Tier Auction Houses 151
1. The Global Art Market 2023 16 3.4 Price Segmentation in 157
Key Findings 17 Fine Art Auctions
1.1 Overview of Global Sales 20 3.5 Fine Art Sectors 169
1.2 Regional Market Performance 25 3.6 Post-War and Contemporary 174
1.3 Online Sales 29 Art
1.4 Art and NFTs 33 3.7 Modern Art 188
Exhibit 1. Navigating a Sea 39 3.8 Impressionism and 196
of Instability Post-Impressionism
Exhibit 2. The Legal Framework 45 3.9 Old Masters and European 203
of China's Art Market Old Masters
Exhibit 3. The Outlook for the 215
2. Dealers 52 Chinese Auction Market in 2024
Key Findings 53
2.1 The Dealer Sector in 2023 56 4. Conclusions and Outlook 223
2.2 Dealer Sales 63 Key Findings 224
2.3 Artist Representation 78 4.1 A Note on Wealth and 225
2.4 Dealer Costs and Margins 88 Luxury Spending
2.5 Buyers 99 4.2 Outlook of the Art Trade 230
2.6 Sales Channels and Art Fairs 107 in 2024
2.7 Exhibitions and Fairs 115
2.8 Online Sales and Strategies 123 Appendix 242
2.9 Dealer Challenges and 129
Priorities Economic Perspective from UBS 253
Rights and Disclaimer 255