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Companies in this industry display and sell original and limited-edition works of art. Major companies include Christie's (UK) and Sotheby's (US), two of the world’s leading auction houses that handle art.
The global art market generates about $60 billion in revenue, according to The European Fine Art Foundation (TEFAF). Major markets for art dealers and auctions include China, France, the UK and the US. Maturing economies in Asia have quickly elevated that region to dominance in the fine art world.
The US art dealers and galleries industry includes about 6,000 companies with combined annual revenue of about $8 billion. Modest growth is expected for the next two years. Key growth drivers include disposable consumer income and aesthetic trends.
Consumer spending and home decorating trends drive demand. The profitability of individual companies depends on effective merchandising and marketing. Large companies have advantages in buying, financing, and marketing. Small companies can compete effectively by offering unique products, providing superior customer service, or serving a local market. The industry is fragmented: the top 50 companies generate about 40 percent of revenue.
Art dealers compete with a wide range of retailers, including mass merchandisers and home decor stores.
PRODUCTS, OPERATIONS & TECHNOLOGY
Major products include original pictures, drawings, prints, photographs, and sculptures. Prints include lithographs, giclées, serigraphs/silkscreens, posters, and etchings. Art dealers may also sell collectibles, books, or artist supplies. Services include framing, delivery, and hanging. Companies may ...
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