all the art in the world
The European Art Foundation released a report that estimates the total volume of the global fine arts trade. They surveyed auction houses, consultants, and deals to get an estimate. Doesn’t sound like they focused on crafts and low status art. Total? $60.8 billion. Roughly speaking every person on earth chips in about $10 for fine art. Obviously, some chip in more than others.
- global art commerce ($60bn) is a less than 10% of the total US defense budget ($739bn)
- there’s a ton of auctioneers dealing in the super hot Chinese art market
- the average high art item is sold for about $1,2000
- London and New York account for 60% of the total.