artmarket

The art market refers to the economic activity surrounding the creation, distribution, sale, and collection of artworks. It comprises the primary market, where artists sell works through galleries and agents, and the secondary market, where works change hands via dealers, auction houses, and private sales. The market covers a broad range of media, including painting, sculpture, prints, photography, video, and digital art.

Key participants include artists, galleries and dealers, auction houses, collectors, museums, and public institutions. Online platforms and marketplaces have expanded access to buyers and sellers. Major auction houses—Christie's, Sotheby's, and Phillips—organize multibillion-dollar sales, while galleries curate exhibitions and negotiate commissions. Online platforms such as Artsy and Artnet provide listings, price data, and connecting services.

Prices depend on provenance, condition, rarity, artist reputation, historical significance, and market conditions. The secondary market can influence primary market pricing. Authentication and due diligence are critical to mitigate forgeries and misattribution; law requires due diligence to comply with anti-money-laundering regulations.

Globalization, rising wealth in Asia and the Middle East, and the digitization of sales have broadened participation. Fairs, galleries, and online sales now operate across borders. The pandemic accelerated online viewing rooms, live streams, and remote bidding. Digital art and NFTs have created new segments, with variable liquidity and regulatory scrutiny.

Regulatory frameworks address anti-money laundering, provenance, cultural heritage laws, and export controls. Price indices and databases track market performance, but valuations are estimates. The art market remains relatively opaque compared to other asset classes, with transparency varying by segment.