Smaller galleries rely on just one artist for almost half their income, Art Basel and UBS Global Art Market Report finds

Anna Brady: The Art Newspaper

The Art Basel and UBS Global Art Market Report released today reveals an increasingly top-heavy—and male dominated—industry in which many smaller galleries are in the dangerous position of relying upon just one artist for half of their income.

The third edition of the report, compiled by the economist and founder of Arts Economics Clare McAndrew, has found that an average of 63% of sales made in 2018 by primary market galleries came from their top three artists and 42% from just one leading artist. This figure was higher for smaller primary market dealers with turnover less than $1m—for them, 45% of total sales value came from just one artist. For larger galleries with turnover exceeding $10m, value was more spread out and only 29% of sales came from their top artist. …Read More

Image: Clare McAndrew, the author of the Art Basel and UBS Global Art Market Report © Art Basel