"“other” regions outside of the US, UK and China have grown their share from 17% of business in 2015 to 24% in 2025."
"A big driver behind the shift is the increase in nationally protective regulation, including Brexit and tariffs, which have become political levers in the new world order. The report finds that such barriers to trade have stifled the business of art, particularly in contemporary works, which benefit from free circulation, while inflation has been another unwanted side effect of protectionist policies."
"There are signs, though, that moves to deglobalise, albeit a disconnecting dynamic, can offer a refreshing lottery of regional winners and losers. South Korea and Switzerland were among countries that grew their markets last year, while in 2024, an otherwise glum year for the art market, Japan and Australia were on the up."
"The dynamic heralds an ecologically more sustainable industry, which extends beyond caring for the planet and chimes with a societal reaction against limitless choice. Jumping on planes to get to the latest art fair or exhibition might have become the art market's modus operandi but is costly, both financially and emotionally, while also arguably detrimental to the wider art ecosystem."
Art market activity is increasingly concentrated beyond New York, London, and Hong Kong. Regions outside the US, UK, and China increased their share of business from 17% in 2015 to 24% in 2025. Nationally protective regulation, including Brexit and tariffs, has reduced trade and particularly affected contemporary art that relies on free circulation. Protectionist policies have also contributed to inflation. Despite a generally difficult environment, some countries have grown markets, including South Korea and Switzerland, with Japan and Australia rising in 2024. A more multi-polar world can create regional winners and losers, supported by stronger local culture and growing gallery presence in home towns. This shift may support a more sustainable industry by reducing costly travel and expanding access to local cultural ecosystems.
#art-market #globalization-vs-deglobalization #protectionism-and-tariffs #contemporary-art #regional-cultural-hubs
Read at The Art Newspaper - International art news and events
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