The World's Leading Art Markets and Most Sought-After Art Forms

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The World's Leading Art Markets and Most Sought-After Art Forms

The art industry has been remarkably dynamic in recent years, overcoming the challenges of the pandemic and revealing clear trends in where the most significant art markets are and what types of art are in highest demand. This article provides a comprehensive analysis of the leading art markets, particularly in Europe, and a breakdown of the most sought-after art forms.

Aimed at artists, enthusiasts, and collectors interested primarily in the primary market, the text combines updated data with analytical and insights from Stronddo's market analysis team.

Global Overview of the Art Market

The global art market reached a total sales value of approximately US$ 67.8 billion in 2022, marking a growth of 3% over the previous year and even surpassing the pre-pandemic levels of 2019. In 2023, there was a slight slowdown: the estimated value fell by 4% to US$ 65 billion, still above 2019 and indicating resilience despite the adverse economic conditions. This recent evolution reveals a change in the internal dynamics of the market: while 2022 was mainly driven by very high-value sales (the ‘top’ of the market), the year 2023 saw a retraction in these stratospheric sales, but a 4 per cent increase in the volume of total transactions. In other words, more works changed hands, especially in more affordable price ranges - a sign of a broadening collector base and a more active market in the mid-range and entry-level segments.

Art market share

When we analyse which countries lead this multi-billion dollar market, it becomes clear that a few centres concentrate the largest share of the value transacted. 

Share by country in the global art market in 2022. The United States (US) leads with 45% of the value of sales, followed by the United Kingdom (18%), China (17%) and France (7%). The other countries account for around 13 per cent (a percentage made up mainly of other European countries, Asians and emerging markets). In other words, the US, UK, China, and France account for almost 90 percent of the world art market in terms of value - a significant concentration.

  • United States - Absolute Leadership: The US remains the world's largest art market, accounting for around 45 per cent of global sales in 2022. This American dominance has grown in recent years (it was 2 per cent higher than the previous year) thanks to a series of record sales in the auction segment and a robust market of top art galleries. In 2022, exceptional collections and masterpieces negotiated in New York boosted the result - for example, the sale of Andy Warhol's Shot Sage Blue Marilyn for $195 million, a record for a 20th-century work. Unsurprisingly, the works with the highest global prices are often sold in the US, making the country a gravitational centre for the upper echelon of collectors. Despite a slight contraction in sales in 2023 (a 10 per cent drop in value compared to 2022, influenced by fewer ultra-valuable works going to auction), the US continues to host the world's highest-priced art transactions. The American market, therefore, remains synonymous with liquidity and records, both in terms of auctions and mega-galleries.
  • Europe - United Kingdom, France and the Strength of the European Market: Europe has historically consolidated itself as a central pillar of the art market. It currently maintains a significant weight, albeit distributed among several countries. The United Kingdom stands out as the largest European market: in 2022 it regained its position as the second largest global market, with 18% of world sales. London, in particular, continues to be an international sales hub, hosting cutting-edge auctions and influential fairs (Frieze London, Masterpiece, etc.). However, there was a reversal in 2023 - China overtook the UK, taking a 19% versus 17% British share, reflecting a Chinese recovery and a slight cooling in the UK post-Brexit. Even so, the British market remains highly relevant, especially for high-value post-war and contemporary art, where London ranks among the top sales destinations. At the same time, continental Europe (excluding the UK) collectively accounts for a notable but more fragmented share of the global market. By 2022, it is estimated that the European Union will have accounted for around 12% of world sales - a percentage led by France, which alone will have 7% of the global market that year. France remained firmly in fourth place worldwide, sustaining a level that had been growing gradually; Paris reaffirmed its position as an art capital, even benefiting from changes in the post-Brexit scenario by attracting fairs (such as Paris+ and Art Basel) and international galleries. The French performance is close to its recent best and shows that Paris is back on the map of major auctions and global events. Apart from France, other European countries have a more modest but growing share: Germany, for example, recorded its highest annual volume of auction sales in 2022, around $379 million (approx. 2% of the world total). Switzerland, Italy and other European centres each contribute a smaller share than 2%, but together they help to make up the European weight in the market. The European continent (including the United Kingdom) represents around a third of the global art market by value. It's worth noting that Europe also stands out for the strength of its primary market: its numerous galleries, art fairs (Art Basel, TEFAF, ARCOmadrid, etc.) and biennials foster the careers of emerging artists and drive initial sales of works, fuelling the foundation of the global art ecosystem.
  • China and the Rise of the Asian Market: China has established itself over the last two decades as one of the giants of the art market, alternating between second and third place globally. In 2022, the country faced challenges due to pandemic restrictions (many auction houses postponed significant sales), contributing to its global share falling to 17% ( 3rd place). However, with the reopening and a strong first half in 2023, art sales in China grew by around 9 per cent and reached US$12.2 billion, bringing the Chinese share back up to 19 per cent of the world market and reclaiming second place. Hong Kong continues to be a strategic point, as a gateway to Asian collecting and hosting international auctions that attract buyers from all over the region. Asia (including emerging markets such as Singapore, South Korea, and Japan) is also showing growth in infrastructure and collecting interest. However, it is still far from the financial volume handled in the US-Europe-China triad. China's position reflects not only the country's economic power, but also a strong domestic demand for art, especially for works of traditional Chinese art and, increasingly, for contemporary and Western art. It's worth noting that, despite such a strong presence in the secondary market (auctions), the Chinese primary market - galleries, local fairs - has also grown stronger, in line with the increase in wealth and cultural interest in the region.

Primary vs. Secondary Market - A Perspective

When analysing the markets by country, it's important to note the difference between the primary market (direct sales by galleries and artists, usually of new works) and the secondary market (resale at auctions or private negotiations of existing works). In 2022, sales through galleries and dealers reached around US$ 37.2 billion globally (a 7% annual increase, recovering pre-COVID levels), while sales through auction houses totalled US$ 30.6 billion (down 2% on 2021). In other words, the primary market accounted for approximately 55 per cent of the total value, slightly more than the secondary market. This distribution varies by region: in continental Europe, for example, where there are fewer high-value contemporary art auctions than in New York or Hong Kong, the primary market plays a particularly central role, supported by prestigious fairs and galleries. Conversely, a larger share of the pie is often attributed to the big auctions in the USA and China. In any case, both segments are interdependent - auction records increase the value of artists who are also active in the primary market, and a dynamic primary market today feeds tomorrow's secondary sales.

Most Popular Types of Art on the Current Market

In addition to mapping out where the big sales take place, it's essential to understand what is being traded most. The art market comprises several categories of work—painting, sculpture, digital art, installations, photography, drawings, and prints, among others—and each segment has its own behaviour and demand. Below, we analyse the main types of art on the rise, segmenting the market by media or art form, and present recent data illustrating the representativeness and trends of each category.

Market share by artwork category (by sales value, 2022). It can be seen that painting largely dominates the market, accounting for around 71 per cent of the financial volume, followed by drawings and works on paper (approx. 14%) and sculpture (9%). All other categories, combined - including photography, prints, digital art, installations, etc. - make up only around 6% of the total value. In short, traditional painting remains at the centre of commercial attention, although there are growing niches in other media. Let's take a closer look at each of these categories:

Painting: The Pillar of the Art Market

Painting remains by far the most sought-after and valued type of art on the market. In terms of sales, no other category comes close: in 2022, paintings accounted for around 70 to 71 per cent of the total value of global transactions. This overwhelming lead for paintings reflects various historical and cultural factors. Works on canvas (oil, acrylic, etc.) carry a consolidated prestige from the Old Masters to contemporary art and comprise a large part of gallery and auction catalogues. All of the 25 most expensive works sold at auction in 2022 were paintings, many of them true icons of Western art history from the late 19th and early 20th centuries (e.g. works by Cézanne, Van Gogh, Gauguin, Monet, Picasso, Klimt, Seurat).

This dominance also manifests itself in the primary market: contemporary artists who paint tend to find it easier to find representation in galleries and attract traditional collectors. Paintings cover various prices - from affordable pieces by emerging artists to the stratospheric figures of established masters, making them a ubiquitous segment at all market levels. Although they represent only ~37% of the units traded (quantity of works) at auction, paintings concentrate the high value per piece, explaining their more significant share in monetary terms. Top collectors show a continuous appetite for rare paintings, making this medium the primary driver of high-end sales. On the other hand, the supply of new paintings is constantly renewed, especially in the contemporary segment, allowing for a permanent flow in the primary market. In the last ten years, the amount traded in paintings has grown by around 73 per cent, showing an increasingly intense demand from collectors for this traditional medium. Painting, therefore, remains the economic pillar of the art market, often serving as a thermometer of the market's health: when quality paintings sell well, the market tends to be buoyant.

Drawing and Works on Paper: Stable Growth Market

After painting, drawing (along with other works on paper, such as watercolours, collages, and illustrations) is the second-largest segment in sales value. In 2022, drawings accounted for around 14% of the global financial volume of auctions and approximately 21% of total works sold. This indicates that although they are generally sold at lower average prices than paintings, they circulate in significant quantities. Drawings and works on paper offer collectors the chance to acquire unique works by renowned artists at more affordable costs than paintings or sculptures. For example, it is possible to obtain an autograph drawing by a modern or contemporary master for a fraction of the price of a painting by the same artist.

This segment has shown resilience and experienced post-pandemic recovery in recent years, returning to pre-2020 levels again. International demand for drawings includes both historical works (drawings by old masters and sketches by modern artists) and contemporary productions on paper. In 2021, the drawing segment had already recovered its peak level, turning over around $2.8 billion at auctions. The trend continued in 2022, with the market absorbing many works in this medium. A highlight is the Chinese market for calligraphy and traditional painting on paper, which is included in this category and generates considerable sums in Asia. However, globally, the drawing segment faces some challenges, such as the lower presence of million-dollar works - the number of transactions above $ 7 million (US) on paper has been decreasing since 2015, unlike what happens in painting. Even so, there have been notable cases. In 2022, a 17th-century Chinese drawing by Xu Yang was sold for an impressive $64.7 million in Beijing, showing that works on paper can also reach high price levels under exceptional circumstances.

On the primary market, works on paper are often well-received, especially at art fairs, due to their more affordable prices and the fact that they are usually easier to exhibit and transport. Galleries frequently sell preparatory drawings, watercolours, and prints by well-known artists to attract new collectors. Therefore, drawings and works on paper constitute a broad-based segment with high circulation, stable growth, and importance both for beginners in collecting and for large institutions looking to complete collections with museum-quality pieces.

Sculpture: Three-dimensionality on the rise, but value concentrated

Sculpture remains one of the main types of art sought after, although its weight in value is much lower than that of painting. In 2022, the sculpture segment accounted for around 9% of global art auction revenues. This relatively modest share hides an interesting dynamic: 2022 was one of the best years for sculpture at auction, thanks to some impressive results that pushed the average upwards. Three bronze sculptures by renowned modernist artists achieved very high prices in public sales - works by Pablo Picasso, Henry Moore and Alberto Giacometti, auctioned for tens of millions of dollars each. These highlights contributed to the sculpture's financial performance in 2022, which was in line with the best years ever recorded for this category.

At the top of the market, sculptures by masters of modernism (such as Giacometti, Brancusi, Rodin) and established contemporaries (such as Jeff Koons, whose metal Rabbit reached US$91 million in 2019) are among the most sought-after lots by collectors and museums. However, unlike paintings, sculpted works fetching stratospheric prices are less common - million-dollar sculptures appear, but in smaller numbers. On the other hand, sculpture has a unique characteristic: many works are produced in multiple editions (cast in limited runs), which allows for a wider market of affordable three-dimensional pieces. Editions of sculptures by popular contemporary artists, such as KAWS, Takashi Murakami, and Yayoi Kusama, or even smaller editions by Koons, have become popular, reaching a young, cosmopolitan audience. These sculptural multiples, often sold for a few thousand dollars, have increased the volume of transactions and helped set records for the number of sculptures traded. In other words, at the lower end of the price spectrum, sculpture collecting (including art toys and artistic design) is very active, contributing to the spread of the taste for three-dimensionality.

Regarding the primary market, sculpture is also essential: top galleries pay special attention to contemporary sculptors, and fairs often present large sculptural installations to delight the public, which sometimes end up being acquired by institutions or adventurous private collectors. However, by their very physical nature, sculptures can present logistical and space challenges for individual buyers, which limits their potential collector base. Even so, sculpture remains on the rise, valued for its tangible presence and the prestige of big names, which consolidates its position as the third-largest segment of the art market in terms of sales value.

Digital Art and NFTs: Between Frene(si) and Consolidation

In recent years, digital art - especially in the form of NFTs (non-fungible tokens) - has emerged as one of the art market's hottest and most polarising topics. In 2021, the art NFT segment exploded in popularity, recording sales of around US$ 2.9 billion related to digital art. This unprecedented wave peaked with media cases, such as the auction of Beeple's digital work, Everydays: The First 5000 Days, which sold for $ 69 million at Christie's in March 2021. However, in 2022, there was a drastic correction: the frenzy cooled and sales on NFT platforms fell by almost 50%, totalling around US$ 1.5 billion. Even so, it's worth noting that this 2022 figure was more than 70 times higher than the volume of just two years earlier, indicating that, despite the decline, the digital art market remained much larger than it was before the fever.

The downturn in the art NFT market revealed a maturing. After the initial speculation, the focus shifted from quick wins to the long-term impact of blockchain technology on art. In 2020, art NFTs made up 24 per cent of all transactions on the Ethereum network; by 2022, art's share of overall NFTs had shrunk to just 8 per cent - a sign that other segments (such as PFP collectibles, gaming, metaverse) were dominating attention. In the context of the traditional art market, digital art has established itself as a complementary niche. Some auction houses have created departments specialising in NFTs and crypto, and galleries have begun to represent digital artists. However, the segment still represents a small fraction of the total value of art sales. In 2022, for example, art NFTs made up approximately 1-2% of the global market by value(depending on whether we consider only traditional auctions or digital native platforms).

However, it's important to emphasise that digital art isn't just about NFTs. Artists had already been exploring video art, computer art, and virtual reality long before the explosion of tokens. What the advent of NFTs provided was a means of transaction and authentication that gave liquidity to these digital forms. After the peak and the correction, we see a more organic integration: digital works are being seen in fairs and galleries alongside paintings and sculptures, and traditional collectors are starting to include digital art in their collections, albeit selectively. In Europe, innovative galleries and events like the Proof of People (digital art festival) indicate continued interest. In short, digital art/NFThad a speculative boom that cooled down, but left a lasting legacy: it consolidated digital as another legitimate strand in the art market. Today, the segment is still active, albeit at a more modest and sustainable level, with digital artists building more solid careers and blockchain projects being applied with a long-term vision in the art world.

Installation and Conceptual Art: Cultural Value vs. Market Value

Installation art - an often immersive and multimedia form of expression - occupies a prominent place in the creative avant-garde, but a peculiar position in the art market. Large installations are usually the centrepiece of biennials, museum exhibitions and contemporary art awards, attracting attention and debate. However, in the market, installations are rarely among the best-selling items in financial terms. This is because installations are often site-specific(designed for a specific space) or involve multiple difficult-to-transport and commercialise components. This limits their pool of buyers to major museums and a handful of visionary collectors.

That said, some installations find buyers or are commissioned at remarkable prices. Artists like Christo (famous for involving monuments and landscapes) have sold designs and preparatory studies for their installations for millions. At the same time, Yayoi Kusama, with her mirrored rooms and ‘Infinity’ environments, has seen institutions compete for her immersive installations. Often, the value of an installation is linked to its cultural and experiential value rather than the object itself. For example, a conceptual work can be sold as a certificate of authenticity that entitles you to recreate the work according to the artist's instructions.

In the current panorama, installations and conceptual art are gaining recognition and awards, and there is a clear interest from extensive public collections and foundations in acquiring them. However, their impact on the market volume is small compared to traditional media. There are no easy figures to isolate, as installations can be mixed with other categories in market reports (sometimes counted as ‘sculpture’ or ‘other’). It is known, however, that less conventional categories - including installations, tapestries, textile art and ceramics - have increased in transaction volume in recent years, indicating diversification of buyers' tastes. In 2021, for example, the number of installations traded at auction grew to overtake the photography market in volume, although usually at much lower prices on average.

For contemporary artists, realising large-scale installations can be a way of gaining prestige and opening doors at biennials, which indirectly increases the value of their work as a whole. Some private collectors with their own spaces (known as collector's museums) also invest in installations for public exhibition. In this way, the installation occupies a position of intellectual prestige and defies traditional commercial boundaries - its success is measured less in big auctions and more in institutional influence and validation. In any case, the inclusion of installations in the list of marketable works, even if only sporadically, shows that the art market has adapted to accommodate unconventional art forms. However, these remain specialised niches in terms of investment.

Photography: Growing Acceptance and Accessibility

Art photography was once viewed with a certain scepticism by some traditional collectors, due to the possibility of multiple copies, but this perception is changing rapidly. Today, photography is one of the rising segments of the art market, not least because it combines (comparatively) affordable prices with high aesthetic quality. Regarding total value, photography is still a niche market: in 2023, global sales of photographs at auction totalled around US$62.4 million, after a 16% drop compared to 2022. For comparison, this represents less than 0.1% of global art sales - in other words, it's still a tiny fraction in value. However, looking beyond the raw numbers, we see that 2023 marked an all-time high in the volume of photographs sold since ArtTactic has been monitoring the sector. The drop in value was mainly due to weaker performances in the very high-end segment (fewer photos over $1 million sold). Still, below that top, the photographic market was vibrant and growing.

The niche of photographs under $5,000 was particularly dynamic, with a 36% increase in the value traded from 2022 to 2023. This suggests that new buyers are entering the market through photography, taking advantage of relatively affordable prices and the familiarity of collecting images in the digital age. Compared to 2019 (pre-COVID), the photography segment in this price range is up almost 200% in sales, also reflecting the growing confidence in online art acquisitions - many photos are sold via internet platforms, online auctions and galleries that cater remotely. At the same time, the age-old question of the limited edition seems to have found a balance: most fine art photographs are printed in short runs (sometimes 3, 5 or 10 copies), which confers scarcity and, paradoxically, makes each copy more desirable by capturing an aura of rarity. The stigmatisation of photography as a ‘lesser’ form of art has all but disappeared, as prominent contemporary artists move between photography, painting, video and other media in their practice, and major museums mount major photographic exhibitions.

Specialised fairs such as Paris Photo and Photo London have become unmissable in Europe, and traditional auction houses hold sales dedicated exclusively to photography. The primary photography market is also strong, with specialised galleries (in Paris, London, Berlin) launching new talents and offering rare vintage works. So, although photography doesn't move the identical amounts of money as painting or sculpture, it plays a crucial role in diversifying collecting. For many new collectors, photography is the gateway - a means of acquiring, for example, an iconic image of a Helmut Newton or Steve McCurry without having to shell out millions. And for established collectors, adding photographs by big names (Diane Arbus, Andreas Gursky, Candida Höfer, among others) has enriched collections with different artistic perspectives and reflections on image and reality. The expectation is that photography will gradually gain ground, both in critical recognition and in market value, following the trend of searching for art in multiple forms.

Other Categories and Emerging Trends

Finally, in addition to the main categories already mentioned, it is worth mentioning other art forms which, although they represent small portions in terms of overall value, are registering growing interest and may indicate future trends in the market:

  • Prints and Editions: Prints (lithographs, serigraphs, woodcuts) and other works in multiple editions attract collectors because they offer works by famous artists at affordable prices. This segment has seen exceptional growth in recent years. 2021 for example, the volume of prints sold at auction reached US$ 529 million, a record for this category. Only in 2022 did the print market continue to soar, registering a new peak in sales (prints were, alongside paintings, the only category to break value records that year). Street artist Banksy illustrates the phenomenon well: his famous print Girl with Balloon reached US$ 2.8 million in 2021, surpassing the prices of printed works by Warhol and Matisse. This appetite for limited editions indicates a democratisation of collecting, allowing a broader audience to participate in the art market. Modern and contemporary prints by names such as Picasso, Miró, Lichtenstein, and editions by current artists sell regularly, both at auctions and in galleries and online platforms. They typically represent around 3-5% of the value of auction sales, but account for a much larger number of lots (in 2021, more than 143,000 prints were sold). Thus, editions act as a basic foundation for the market, promoting access and education for buyers, and often serving as an entry point for collectors to evolve into investments in unique originals later on.
  • Textile Art, Ceramics and Artistic Design: Non-traditional categories such as tapestries, artistic ceramics, collectable furniture design works, and even fashion (artists' collaborations with clothing) are gaining ground. In 2021 and 2022, there was an increase in demand for tapestries, ceramics and installations, with the volume of business in these niches surpassing that of photography in terms of the number of transactions. For example, ceramics by Picasso or contemporary artists such as Grayson Perry attract connoisseurs for their aesthetics and functionality. Collectable design - furniture or limited edition objects created by conceptual designers - also intersects with the art market, reaching high values for iconic author pieces. This trend reflects a diversification of taste: collectors are looking not only for paintings on the wall, but also for pieces that integrate art and utility or artisanal tradition. Museums and fairs (such as the Textile Art Biennale or design events) boost this visibility. Although financially still modest compared to the so-called ‘fine’ arts, these segments broaden the scope of the market and affirm the idea that art can manifest itself in multiple forms equally worthy of collecting.
  • New Media Art (VR/AR, AI Art): In the wake of digital art, other technological fronts are emerging. Works of virtual or augmented reality (VR/AR) and art creations with artificial intelligence (AI art) have recently emerged as curiosities that are starting to become a market. For example, artists who use AI algorithms to generate unique images have won dedicated auctions, and immersive VR pieces have been sold to innovative collections. It's still a nascent scenario and challenging to quantify. Still, the rapid adoption of generative AI tools in 2023 suggests that we will see a growing art market involving AI in the coming years. European institutions are already exhibiting works of AI art, and specialised platforms connect these creators to tech-savvy collectors. It's an evolving "etc. ’: today small, tomorrow possibly significant, as the definition of art expands to encompass new sensory and interactive experiences.

Conclusion

The overview of the largest art markets and the most sought-after types of art in 2024-2025 reveals a sector that is both traditional and changing. We note that geographically the market remains concentrated in the United States, Europe (especially the United Kingdom and France) and China, which together dominate the scene in terms of value - a stable configuration, albeit with occasional fluctuations (such as the recent exchange of positions between the United Kingdom and China). With its rich network of galleries and fairs, Europe continues to play a crucial role, both fuelling the global primary market and serving as a stage for high-level sales. From the point of view of categories of works, painting retains its absolute reign in value and prestige, followed at a distance by drawings and sculptures, while segments such as photography, digital art and installations are gaining cultural relevance and gradually more commercial space.

The updated data confirms long-term trends - for example, collectors' preference for painting and contemporary works (which accounted for 53% of fine art auction sales in 2023 - but also highlights new directions, such as the popularisation of market entry points (more lower-value sales, boosting volumes and the diversification of tastes (growth of alternative and technological media). This information offers valuable insights for artists and enthusiasts focused on the primary market: understanding which types of work are on the rise can guide everything from artistic production to sales and investment strategies. On the other hand, the global vision allows collectors to make decisions - whether to look for opportunities in emerging markets (geographies or media) or to strengthen positions in traditional segments.

In short, today's art market is characterised by resilience and nuances: it remains large in numbers and dominated by established players, but it is far from static. New chapters are being written - whether through a record-breaking auction in New York, an effervescent fair in Paris, an innovative digital collection or a range of young buyers betting on photography and multiples. For Stronddo, as an online art gallery focused on the primary market, following these global trends with an analytical eye means being one step ahead, connecting artists and collectors in an informed and strategic way. After all, knowing the biggest markets and the most sought-after types of art is key to navigating - and thriving - in the vast ocean of international art.

 

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