Page 2 of 2

The U.S. contributed to 44 percent of the volume, with $29.9 billion in sales – the highest ever recorded. China's $12.9 billion in sales dipped 3 percent on the year. The report noted the different age profile of art collectors in newer markets in Asia and the «increasing engagement and spending power of millennial collectors in Asian markets.»

In Singapore, 46 percent of the collectors surveyed were millennials, while in Hong Kong, the figure stood at 39 percent. Millennial collectors also comprised 46 percent of high net worth collectors who spent more than $1 million on art between 2016 and 2018.

Online Sales Lag

The report noted that larger primary-market galleries tended to represent fewer female artists, which accounted for 36 percent of their clients, and 32 percent of annual turnover. Galleries with higher turnovers tended to have less female artists on average.

«Women still score a tiny proportion of the market’s top sales. And when it comes to the critical question of representation by major galleries and even in the exhibition landscape, the analysis shows that men still dominate, markedly,» Art Basel director Marc Spiegler said.

Online isn't where it's at for the art market: digital sales represented just 9 percent of the total volume. However, digital sales grew 11 percent in 2018, with $6 billion worth of art bought via digital sources. Additionally, 93 percent of millennial high net worth collectors surveyed said they purchased art online.