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The NYC Art Market Report - IndependentIndependent – NYC Art Market Report

New York is the global headquarters of the art market, with the highest market share by value of art sales in the world. It is also a center of high net worth wealth, has the largest population of millionaires and billionaires globally, as well as being the key financial hub of the US. In 2019, the US accounted for 44% of sales by value in the global art market, having held a premium position in terms of the value for most of the last 50 years. New York is estimated to account for up to 90% of those sales, making it the epicenter of the market in 2020. Although China and other more emerging markets have developed at a rapid pace in terms of both wealth and sales of art, despite some reduction in its margin, New York remains unlikely to decline from the ranks as the leading global international art hub.