Global Art Market Sees Regional Shifts as Sales Soar for African Artists and Asia-Pacific Declines
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The art market is thoroughly globalized, with participants from around the world, but key regional differences remain in terms of sales performance and market trends.
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The market for work by North American and European artists is the largest and steadiest, while other regions have seen more volatility.
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The market for work by African-born artists has grown appreciably in recent years, albeit with some sharp ups and downs, while the Asia-Pacific market has declined over the past decade.
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Ultra-Contemporary art sales spiked for African artists in 2021 but dropped off in 2023, while remaining relatively flat for other regions.
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Museum expansions, new biennials, and local art fairs point to emerging art world hubs in the Middle East, Africa, and Asia-Pacific regions in 2024.