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Art Market: information by Category (Art Shop/Frame Shops, Art Gallery, Appraisers, Art Collectors, Antique Stores, All other Collector) and Region—Forecast Till 2026

09-16-2021 12:14 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: StraitsResearch

Art Market

Art Market

Increasing Spending on Artwork by HNWIs is one of the major factor driving the global art market. The number of millionaires around the world has risen by 170% since 2000. According to a Credit Suisse report, there are around 36 million millionaires worldwide. The surging population of these HNWIs is accelerating the demand for high-end art items. According to the UBS and Arts Economics, 35% of the U.S.-based HNWIs were active in the art and collectibles market in 2017.

One of the major trends for the market is growing investment in art as a collectible asset, Traditional investors invest in standard stocks and bonds, ETFs, and mutual funds. Diversification in investment across a different range of assets helps reduce risk and increases the chances of returns. Art, as an investment, is soaring with popularity in Europe. Since 2016, Europe’s HNWI population has started investing more in art. Against the backdrop of Brexit, HNWIs are inclined toward tangible asset investments that do not rely on governments. Therefore, instead of investing in stocks or bonds, investors are increasing their spending on art items. According to the Deloitte Art & Finance Report in 2016, 73% of wealth managers expect their clients to include art and other collectible assets in their wealth. Investment in art provides a decent ROI. According to the art market research, art investment achieved a 10.6% return in 2018. Therefore, investment in art as a collectible asset is growing.

However, The U.S. – China Trade War is one of the biggest challenges for the art market which might hamper the growth trend in the coming years. The U.S., one of the largest art markets, has made its position as an international trade hub by increasing import and export activities around the world. The country imports various Chinese artworks, including hand-executed paintings, drawings, and sculptures. According to the Commerce Department data, art, and antiques from China accounted for over USD 280 million of imports. As a consequence of the U.S. – China trade war, thousands of items were imposed with a 10% import duty. This import duty tax might not affect individual collectors in the U.S., but it has inflicted upon the import scenario of Chinese art in art galleries across the U.S; resulting in the less profitable import of Chinese artwork.

Segmental Insights

An art gallery is a place to experience and purchase art. Artworks are displayed in art galleries, where there is controlled lighting to showcase exhibits. The aesthetic environment in an art gallery engages the public and attracts prospective customers. According to Artsy Gallery, medium art galleries accounted for around 65% of all art galleries in the world as of 2018.

According to the UBS and Art Base report, in 2016, art galleries around the world recorded 51% sales. Globalization and digitalization also impacted the art world and operating model of art galleries. Several small and medium galleries mostly capture the art gallery market, catering to the demand of the middle classes. Art galleries are gaining popularity in emerging countries, including Brazil, China, India, and Russia. Small art galleries are increasing their online presence and actively participating in prestigious art fairs worldwide.

Number-of-Art-Galleries-WorldwideFigure:1 - Number of Art Galleries, Worldwide

Art shops sell art supplies along with paintings, sculptures, drawings, original prints, photographs, architecture, and other art forms to professional artists as well as hobbyists. Art shops are dominated by various small and medium vendors operating locally. Numerous art shops also offer their products worldwide; Jackson’s Art Supplies sells more than 60,000 art materials across 246 countries. Frame shops are picture framing stores that offer custom framing services and sell ready-made frames and other craft supplies. Frame shops are small companies that have a concentrated presence in limited geographic locations. According to Gemini Builds It, there were 5,500 frame shops in the U.S in the year 2018, whereas 35,000 frame shops were in business in 2008. With the growing number of online frame retailers, local frame shop owners are facing a downfall in business. Therefore, small shop owners are focusing on developing strong marketing plans to improve their business. The custom framing service offered by small shop owners is gaining momentum in the market. Various art shops offer customized frames to attract more clients. Artists and buyers are investing in framing their paintings in order to make them look like a million dollars.

Appraisers are individuals or a group of individuals responsible for determining the real market value of the artwork. Appraisers have expertise in different areas ranging from paintings and drawings to clocks and watches, furniture and ceramics, fine and decorative arts, jewelry, and household contents. Frequenting art auctions is spurring the need for an immediate evaluation of art, which is driving the demand for appraisers globally. According to ArtTactic, the company had 62 experts in 2018 with over 1.3 million valuations worth USD 800 million completed. The company is said to have acquired 500,000 customers. In 2017, Christie's New York did a pre-auction assessment on Leonardo da Vinci's painting called ‘Salvator Mundi’ and estimated the price of the painting to be around 100 million. Later, during the auction, the painting was sold at USD 450 million to Louvre Abu Dhabi. With the growing value of the art, the demand for appraisers is also increasing.

Sector-Breakdown-on-the-Basis-of-Number-of-AppraisersFigure:2 - Sector Breakdown on the Basis of Number of Appraisers

An antique shop, as the name suggests, is a retail store specializing in the sales of antiques. Antique stores exhibit a variety of items varying from low to high-end products. Most of the antique stores are small businesses that sell high volumes of less valuable items; however, high-end products attract collectors. Despite the dominance of online platforms, antique stores are still largely preferred as they allow customers to touch and feel the items.

The number of art collectors is surging around the world. The globalization of the art market has presented tremendous opportunities in the art collection market. According to U.S. Trust, baby boomers hold the largest share while millennials are the fastest-growing group of art collectors in the world. Millennials are collecting the art, as they are finding monetary value in art collection and leveraging it to build greater wealth.

Number-of-Art-Buyers-2018Figure:- 3 Number of Art Buyers 2018

Regional Insights

North America holds the largest market share based on art sales. The U.S. is a leading country in North America as well as the global art market. According to Art Basel, the U.S. accounted for 42% of art sales, followed by the U.K. and China. In late 2017, art sales in the U.S. increased as the government announced the removal of section 1031 tax code from December 31, 2017.

Global-Art-Market-Share-2017Figure:4 - Global Art Market Share 2017

Europe holds the largest share for a number of art galleries in the art market; since 2007, the region observed most gallery openings in the world. Most of the art galleries are found in the U.K., Italy, France, Spain, and Germany. Art exhibits are frequently held in Germany and France. The region also holds the most significant share in the number of auctions. According to Auction Club, AMMA, the region held more than a 27% share in the auction market globally in 2017.

Asia-Pacific is experiencing the fastest growth in the art market, with China accounting for the largest market share. The Chinese economy has been snowballing, producing not only many wealthy individuals but also organizations that are actively buying high-quality Chinese arts and antiques. In 2010, Asia held a 24% share in the number of billionaires, which subsequently jumped up to 41% in 2017.

Latin American and African countries have experienced impressive improvement in the art market. Recently, the demand for African American art and artists is growing. Despite the unprecedented interest in African pieces, local collectors don’t have enough money for the kind of collections that attract the global industry. However, the demand for African art is increasing in North America and Europe. According to Artnome, around 90% of African art is outside of the continent.

Key Players

Key players of the art market are: Art Galleria, ArtBase, ArtBinder, ArtCloud, ArtFundi, Artlogic, Artlook Software, GallerySoft, IT gallery, Managed Artwork, Masterpiece Manager, My Online Art Gallery, PrimaSoft PC, Primer, and Spinnsoft Gallery

Art Market Segmentation

By Category

Art shop/Frame shops
Art Gallery
Frame Shop
Appraisers
Art Collectors
Antique Stores
All other Collector
Antiques
Jewelry
Comic Books
Wine
Coins
Stamp
By Regions:

North America

U.S.
Canada
Mexico
Europe

UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific

China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LATAM

Brazil
Argentina
Columbia
Rest of LATAM
Middle East

Saudi Arabia
Oman
Qatar
Bahrain
UAE
Rest of Middle East
Africa

Nigeria
Tanzania
South Africa
Ghana
Rest of Africa

Contact Us:
Email: sales@straitsresearch.com
Address: 825 3rd Avenue, New York, NY, USA, 10022
Tel: +1 6464807505, +44 203 318 2846
Website: https://straitsresearch.com/

About Us :
StraitsResearch.com is a leading market research and market intelligence organization, specializing in research, analytics, and advisory services along with providing business insights & market research reports.

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