The global art market was valued at $67.4 billion in 2018, the second highest year ever. The United States, United Kingdom and China are the three largest art markets. They account for 84% of the global market, with the U.S. capturing over half of that.
Auction houses are one of the biggest drivers of the art market. Sales at public auctions exceeded $29 billion last year. Five auction houses combine for over half of the global sales. And of those five, two far surpass the others: Christie’s and Sotheby’s, which handle more than 40% of auction sales.
Visitors look at a painting entitled ‘Salvator Mundi’ by School of Leonardo da Vinci during a press visit of the exhibition “Leonardo da…