Artnet News and Morgan Stanley have released a report analyzing the global art auction market across four major cities—London, Paris, Hong Kong, and New York—over the period from 2013 to 2023. Total auction sales for the first half of 2024 fell to $5.05 billion, down from $7.17 billion in the same period of 2023. The report highlights a dramatic 49 percent decline in London's auction sales following the 2016 Brexit vote, while New York has maintained its dominant position, driven by blockbuster collections like those of Peggy and David Rockefeller and Paul G. Allen. Hong Kong saw growth until the Chinese property crisis in 2022, and Paris has gained ground post-Brexit, with sales up 30 percent over 2013.
This analysis matters because it reveals how geopolitical and economic shifts—Brexit, the COVID-19 pandemic, pro-democracy protests in Hong Kong, and the Chinese property crisis—are reshaping the global art market's geography. As auction houses invest in new infrastructure and adapt to local conditions, the competitive dynamics among these four hubs are in flux, with implications for collectors, dealers, and institutions worldwide. The report also underscores the enduring importance of the 'masterpiece market' in New York, where high-value lots above $10 million drive the majority of sales.