Market Size of Art Logistics Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 3.43 Billion |
| Market Size (2029) | USD 4.39 Billion |
| CAGR (2024 - 2029) | 5.20 % |
| Fastest Growing Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Art Logistics Market Analysis
The Art Logistics Market size is estimated at USD 3.43 billion in 2024, and is expected to reach USD 4.39 billion by 2029, growing at a CAGR of 5.20% during the forecast period (2024-2029).
The art logistics market is mainly driven by factors such as an increase in investment in high-value art pieces.
The art market has showcased remarkable resilience in the face of global disruptions. Despite setbacks from major economic challenges, such as the 2008 financial crisis and the COVID-19 pandemic, it has consistently bounced back. Following a 22% decline at the onset of the pandemic, the global art market swiftly rebounded the next year, culminating in its second-highest value in 2022. Although the growth plateaued in 2023, global art sales still surpassed 2019 levels, reaching a notable USD 65 billion.
For the past decade, the United States has consistently dominated the global art market, with China and the United Kingdom following closely behind. In 2023, these three nations collectively accounted for nearly 80% of the market's sales. When specifically examining public auction revenues for fine art and NFTs worldwide, the United States and China emerged as the primary contenders, with a narrower gap separating them in the fine art auction arena.
Two London-based auction houses, Christie’s and Sotheby’s, both established in the 18th century, stand out as the market leaders. Christie’s, after achieving a record high in 2022, saw a notable 26% decline in its global sales in 2023, settling at approximately USD 6 billion. In contrast, Sotheby’s experienced a marginal drop of less than 1.5%, with its 2023 sales just shy of USD 8 billion. Following closely in 2023, Heritage Auctions, Bonhams, and Phillips emerged as the top revenue-generating auction houses, each with sales below USD 2 billion.
