Art Dealers & Galleries Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 11/14/2022
SIC Codes: 5999
NAICS Codes: 453920
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Art Dealers & Galleries Industry Profile

Companies in this industry display and sell original and limited-edition works of art. Two of the world's leading auction houses that handle art are Christie's (UK) and Sotheby's (US). Other major establishments include Beijing Poly International Auction (China), Gerald Peters Gallery (US), the Saatchi Gallery (UK), and Thaddaeus Ropac (Austria).

Total global sales by art dealers and galleries (including auction sales) in 2019 were $64.1 billion, down by 5% over the previous year, according to the Art Basel and UBS Global Art Market Report 2020. The US accounted for 44% of global sales in 2019, followed by the UK (20%), and China (18%).

The US art dealers and galleries industry includes 5,000 establishments (single-location companies or units of multi-location companies). Annual revenue for the industry in 2017 was about $10 billion.

COMPETITIVE LANDSCAPE

Consumer spending, interest in alternative financial investments, and home decorating trends drive demand. The profitability of individual companies depends on effective merchandising and marketing. Large companies enjoy economies of scale in purchasing and marketing. Small companies can compete effectively by offering unique products, providing superior customer service, or serving a local market. The industry is fragmented: the top 50 US companies generate about 60% of revenue.

Art dealers compete with a wide range of retailers, including mass merchandisers and home decor stores. Despite the contraction of sales overall, the component of online sales of art and antiques reached a record high ...

 
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