$67 Billion Art Wars
The global art market was valued at $67.4 billion in 2018, the second highest year ever. Driven by the United States, United Kingdom and China, the three largest art markets in the world, they combined for 84 percent of sales, led by the U.S. at 44 percent. But the real drivers of the art market are the auction houses. Sales at public auctions exceeded $29 billion in 2018 and two auction houses—Christie’s and Sotheby’s—dominated the market, capturing more than 40 percent of sales. Learn more as CNBC takes a closer look at the market and how two auction houses rose to the top.