Press release
Art and Sculpture Market to Reach an Estimated Value of US$ 24,632.1 Mn by 2025
According to the report forecast, the global art and sculpture market was valued at US$ 8,640.0 Mn in 2016 and is projected to reach US$ 24,632.1 Mn by 2025 end. The market is expected to witness high revenue growth during the forecast period. This growth is attributed to an increased awareness about art products as an investment and not just another decorative piece.
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It is difficult to predict the direction of the global market, as there are several macroeconomic factors that could have an impact on the market in the coming years.There is a great risk of business in regions such as U.S, Brazil and Germany, which could impact the global market.
The art and sculpture market witnesses strong demand for best quality art and collectibles
36% of the 400 private bankers and wealth advisors suggested that there will be increasing client demand for servicing this particular asset class.
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The total number of ultra-wealthy individuals is predicted to rise by 41% to 263,500 by 2025. The predicted growth rate varies widely on a regional basis, and the emerging economies are leading the way. A growing demand for quality art pieces can be expected from this class of the population.
Product type segment is classified into artifacts that include manuscripts, decorative art pieces, and others. The sculpture segment holds a high market share and is estimated to grow significantly during the forecast period. Sculptures are typically sold along with paintings and this is increasing the customer base for sculptures.
On the basis of sales channel type, the global art and sculpture market is segmented into auction houses, dealers, retail outlets, and individual sales. Dealers segment is sub-segmented into galleries, art fairs and online sales, while individual sales segment is further segmented into artist’s studio and others that includes consumer-to-consumer and advisors. Revenue growth and market share of the dealers segment is expected to remain high during the study period.
Private collectors, museums (local and international), real estate developers, interior designers, residential individual buyers and other professionals (art authenticators, restorers, and conservators) are some of the end users of art and sculptures. Most of the regions in the world are influenced by the U.S. perspective of art and sculpture and are either moving or changing their perspective for art. This has enhanced the significance for private collectors, thereby boosting market share of this segment.
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Five regions such as North America, Latin America, Europe, APAC and MEA have been covered in this report. In terms of value, North America market is projected to be the most attractive regional market for art and sculpture during the forecast period. The Europe art and sculpture market is anticipated to register steady increase in Y-o-Y growth rates throughout the forecast period. In terms of value, Europe is expected to expand at a CAGR of 10.6% during the forecast period.
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This report provides detailed profiles of the key market players such as Sotheby’s, Christie’s, Bonham's 1793 Limited, Phillips Auctioneers LLC, China Guardian Auctions Co Ltd., Frith sculpture, Sculptured arts studio, WorldArtCommunity, Pundole’s, Bid & Hammer, and AstaGuru.
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