A new report from UBS and Art Basel, authored by Dr. Clare McAndrew, reveals that the global art market reached an estimated $67.8 billion in 2023, marking a 4% increase from the previous year. The growth was primarily driven by the high-end segment, with sales over $10 million rising by 11%, while the lower and middle markets experienced a decline.
The report highlights a significant and persistent issue: a substantial portion of art sales remains unreported, creating an 'invisible' market that distorts official figures and economic understanding. This opacity, estimated to be as high as 40% of total sales, complicates market analysis, impacts tax revenues, and challenges the development of effective financial products and policies for the art sector. The findings underscore the need for greater transparency to ensure the market's stability and legitimacy.