Art has been a form of entertainment, expression, and individualization for centuries. Throughout its lifetime, art has been a driving force in humanity’s cultural, psychological, and physical development. One can even make the argument that art is humanity’s universal language, and this language speaks everywhere across the globe; Every nation in the world buys art in some fashion, either through private purchases, museum collections, or gallery acquisitions.
We will delve into this topic further and explore which country buys the most art and why.
#1 – Most Common Types Of Art Purchased
When discussing the art market, it can be broken down into three main categories; Old Masters, Contemporary, and Modern Art. Old Masters refer to art that was created before the 19th century and is often classified as traditional works of art. Contemporary art refers to art from the late 20th to early 21st centuries.
Lastly, Modern Art refers to art between the late 19th and early 20th centuries.
#2 – How Many Countries Buy Art?
The global art market is expansive and immense in size. In 2019 alone, 60 countries spent a total of $61 billion on art—this is a 4 percent increase in global spending from the previous year.
Of this amount, $23 billion was spent on Contemporary art, while $2
8 billion was spent on Modern and $17 billion was used to purchase Old Masters art. The nations that make up the global art market span across the globe, from North America to Europe, Africa, The Middle East, and Asia.
#3 – Which Country Buys The Most Art?
The most affluent and prolific nation for art purchases is China. In 2019, the nation spent a total of $03 billion on art, with a focus predominantly on Contemporary and Modern art and a secondary focus on Old Master’s art as well.
This number makes China the world’s leading nation for global art market purchases for the ninth year in a row.
#4 – Why Does China Spend So Much On Art?
The reasons behind China’s immense spending in the art market can be attributed to two main sources. The first is economic.
China’s economic growth over the past two decades has been exceptional, yet the economic gains made by the nation has yet to be matched by economic development in other regions of the world. This economic state of affairs means that wealthy Chinese individuals have more disposable income to buy luxury items, thus driving up art market spending.
#5 – How Does Economics Affect Art Purchases?
The second factor can be explained in terms of economics. Small businesses and galleries inside China see art acquisitions and purchases as a viable business opportunity. As such, local art galleries can gain greater profits from the sale of art than from other, more traditional product and services.
This influx of capital can, in turn, attract buyers from all over the world, and allows paintings, sculptures, and other works of art to be sold at higher prices.
#6 – What Type Of Art Does China Spend On?
Chinese art collectors also tend to favor Contemporary and Modern pieces, especially those of Chinese heritage. This preference can be attributed to the nation’s attempts to reach out to the global market while at the same time celebrating their culture.
As such, many galleries in China specialize in this type of art, and the nation’s economic stability makes it a reliable source of investment in art.
#7 – What Are The Benefits Of Art Purchases?
Engaging in the global art market is not only beneficial to China on an economic level, but also in terms of reputation. By having access to art from across the world, China is able to directly invest in and appreciate works that it had not harvested before.
This level of access increases their appreciation for the works of other nations, and allows them to obtain a greater understanding of global art production and its effects.
#8 – Who Else Buys A Significant Amount Of Art?
After China, the next largest nation for global art purchases is the United States. In 2019, the nation purchased $
85 billion worth of art, with the majority being focused on Modern and Contemporary art.
#9 – What Type Of Art Does The U.S Spend On?
The United States has a large preference for a variety of art forms, ranging from Old Masters to Contemporary and Modern works. In this respect, American tastes are more diverse than those of their Chinese counterparts, who primarily focus on Contemporary and Modern pieces.
#10 – What Is American Interest In Art Driven By?
Unlike China, the economic factors behind American art purchases are more anchored in the socio-economic atmospheres of the nation. The wealth gap between rich and poor in the nation is vast, and this affects the types of art that the nation purchases.
For example, the wealthier the community, the greater the demand for contemporary and modern pieces of art.
#11 – Who Are The Other Major Players In The Global Art Market?
Other major nations that engage heavily in the global art market include the United Kingdom, France, Germany, Italy, and Japan. Similarly to the US, these nations have a more diverse approach to art purchases.
In the UK, for example, contemporary art is the most popular, while the French tend to focus on Old Masters.
#12 – What Role Does Europe Play In The Global Art Market?
Europe is a major hub for the global art market, especially with the emergence of post-war and contemporary art. European art falls under four main categories; Old Masters, Renaissance, Impressionists and Post-War. Each of these styles is highly sought after by collectors, museums, and galleries for its unique perspective and cultural value.
#13 – Which Country Is Considered The Center Of The Global Art Market?
The center of the global art market, however, has to be London. The nation’s centralized location and central role as an economic hub make it an ideal place for galleries and collectors around the world to meet and purchase works of art.
The country’s cultural heritage also makes it a major hub for artists and galleries, while England’s wealth, heritage sites, and level of art education make it a prime location for the purchase and sale of art. Conclusion: In conclusion, the global art market, while having a diverse range of participating nations, is ultimately driven by the nation leaders in terms of purchases, China and the United States. While both nations have distinct reasons for their spending in the global art market, ultimately it comes down to a show of appreciation, understanding, and willingness to invest in the arts.
London remains the center of this movement as it allows for cultural exchange and engagement among galleries, collectors, and even the general public.