Why two major auction houses reign over the billion dollar art market
The global art market was valued at $67.4 billion in 2018, the second highest year ever. The United States, United Kingdom and China are the three largest art markets in the world. Their sales combined make up 84% of the global art market. The auction house is one of the biggest drivers of the art market. Sales at public auctions exceeded $29 billion last year. Two auction houses—Christie's and Sotheby's— compete head to head each year capturing more than 40% of global auction sales.