First Research US Industry Profile

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Art Dealers & Galleries
SIC Codes: 5999
NAICS Codes: 453920
Last Quarterly Update: 4/1/2019
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 (based in the UK) and Sotheby's (US). Other major establishments include Galerie Thaddaeus Ropac (Austria), Gerald Peters Gallery (US), Poly International (China), and the Saatchi Gallery (the UK).
Total global sales by art dealers and galleries (including auction sales) in 2017 were $63.7 billion, according to the Art Market 2018 Report by UBS AG and Art Basel. The US accounted for 42% of global sales in 2017, followed by China (21%), and the UK (20%). Dealer sales increased 4% in 2017 over 2016, to an estimated $33.7 billion, representing a 53% share of the market. The maturing economy of China has quickly elevated that country to a leading role in the fine art world, and in art auctions in particular.
The US art dealers and galleries industry includes about 5,000 establishments (single-location companies or units of multi-location companies). Annual revenue for the industry in 2017 was about $26 billion, according to UBS AG and Art Basel.
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 45% of revenue.
Art dealers compete with a wide range of retailers, including mass merchandisers and home decor stores. While online art-buying represents a relatively small percentage of global sales, click-and-buy, online-only purchases of art increased 72% between 2012 and 2017, to an estimated $5.4 billion.
Products, Operations & Technology
Major products include original paintings, drawings, prints, photographs, and sculptures. Prints include lithographs, giclées, serigraphs/silkscreens, ... plus:
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

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