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 2023 were about $65 billion, according to the Art Basel and UBS Global Art Market Report 2024. The US accounted for 42% of global sales in 2023, followed by China (19%), and the UK (17%).

The US art dealers and galleries industry includes 5,000 establishments (single-location companies or units of multi-location companies), with an annual revenue of 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 concentrated: 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. The online market continued to grow, reaching nearly $12 billion in 2023 with a moderate growth of about 7% from 2022, according to the Art Basel and UBS ...