Ones and Tooze The Global Art Market
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Jul 4, 2025 Dive into the sprawling $57.5 billion global art market, a landscape shrouded in opacity. Discover how primary and secondary markets, galleries, and auction houses interact and influence art's value. Explore the legal complexities of storing high-value artworks in freeports, and weigh the risks and benefits involved. Unpack the tension between traditional connoisseurship and financial speculation, while also examining the roles of museums as both caretakers and market influencers, amidst the rise of NFTs and modern ownership trends.
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Art Market Structure and Size
- The global art market is about $57.5 billion but is opaque and multifaceted with primary and secondary segments.
- Galleries dominate the primary market while auctions provide more price transparency in the secondary market.
Art as Collateral in Private Credit
- High-value artworks are increasingly used as collateral for loans in a specialized private credit market.
- Loans on art require deep expertise because of the art market's opacity and valuation challenges.
Freeports' Role in Art Storage
- Freeports are warehouses where valuable art is stored to avoid taxes and customs when crossing borders.
- The largest freeport in Geneva holds over $100 billion in art, acting as a major global storage hub for artworks.