Art Dealers & Galleries
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 2021 were $65.1 billion, down by 5% over the previous year, according to the Art Basel and UBS Global Art Market Report 2022. The US accounted for 43% of global sales in 2021, followed by China (20%), and the UK (17%).
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. The online market continued to grow, reaching more than $13 billion with a moderate growth of about 7% in 2021. However, the share accounted for by online sales was down by 5% to 20% of total sales in 2021 from 25% in 2020, according to the Art Basel and UBS Global Art Market Report 2022.
Products, Operations & Technology
Major products include original paintings, drawings, prints, photographs, and sculptures. Prints include lithographs, giclées, serigraphs/silkscreens,
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Sales & Marketing
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Finance & Regulation
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Regional & International Issues
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Human Resources
Also includes the following chapters:
Quarterly Industry Update
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Industry Indicators
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Business Challenges
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Trends and Opportunities
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Call Preparation Questions
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Financial Information
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Industry Forecast
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Industry Websites
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Glossary of Acronyms