US Art Market Growth Keeps Global Contraction to Only -7%

Artnet reports that US art sales are up 7% for the first half of 2013 with weakness in China and the UK rebalancing back toward the US. The global market was down overall by 7% reflecting the continuing contraction of the domestic Chinese market. But France, Germany and Hong Kong were up almost as much as the US keeping their 10% market share versus the US’s one third share:

Sales in the United States in Q1-Q2 of 2013 were responsible for almost one third of all art sold globally this year, gaining market shares as the Chinese market contracted. […] Strong May sales were followed by sluggish June sales, with total sales volume down 13% in China and 7% in the United Kingdom resulting in both countries dipping further below the 2012 levels.