Art Dealers & Galleries Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 6/12/2017
SIC Codes: 5999
NAICS Codes: 453920
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Art Dealers & Galleries Industry Profile

Companies in this industry display and sell original and limited-edition works of art. Two of the world's leading auction houses that handle art are Christie's (based in the UK) and Sotheby's (US). Other major establishments include Galerie Thaddaeus Ropac (Austria), Gerald Peters Gallery (US), Poly International (China), and the Saatchi Gallery (the UK).

Total global sales by art dealers and galleries (including auction sales) in 2016 were $45 billion, according to the European Fine Art Foundation (TEFAF). The US accounted for nearly 30% of global sales in 2016, followed by the UK (24%), and China (18%). The maturing economy of China has quickly elevated that country to a leading role in the fine art world, and in art auctions in particular.

The US art dealers and galleries industry includes about 5,000 establishments (single-location companies or units of multi-location companies). Annual revenue for the industry in 2016 was about $13.5 billion, according to TEFAF.

COMPETITIVE LANDSCAPE

Consumer spending, interest in alternative financial investments, and home decorating trends drive demand. The profitability of individual companies depends on effective merchandising and marketing. Large companies enjoy economies of scale in purchasing 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 US companies generate about 45% of revenue.

Art dealers compete with a wide range of retailers, including mass merchandisers and ...

 
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