Insights
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Features
Features
2024 Global Art Market Insights: Key Takeaways for Collectors
The 2024 Art Basel and UBS Global Art Market Report reveals strong recovery and growth in the art market, with total sales reaching $67.8 billion, a 5% increase from 2022. The U.S. remains a dominant player, contributing 45% of all sales, while online platforms continue to expand the market’s reach.
Contemporary art accounts for 54% of total sales, and collectors are increasingly focused on sustainability and supporting underrepresented artists. As digital art forms, including NFTs, grow in prominence, the market presents exciting opportunities for both seasoned and new collectors.
Taxes on Art Transactions: What You Need to Know When Buying or Selling Art
Art collecting can be a rewarding investment, both culturally and financially. But whether you're purchasing or selling artwork, it's important to understand the taxes involved. From sales tax to capital gains, various tax obligations can impact the financial outcome of your art transactions. That's why we composed a list of the taxes to consider when buying or selling art.
Cara Barer, Elegy (2015).
Appraisals vs. Valuations: What Is the Difference?
When dealing with fine art, collectibles, or other high-value assets, understanding the distinction between an appraisal and a valuation is crucial. Although many use these terms interchangeably, they serve different purposes and apply in various contexts. This breakdown clarifies their differences and helps you decide when to use each.