The export of works of art, collectors' pieces, and antiques from the EU experienced significant fluctuations over the past years, peaking in 2019 at 10.128 billion USD before plummeting in 2020 by nearly 59% due to global disruptions. Notably, the market rebounded robustly with a year-on-year increase of over 130% in 2021. By 2023, the export value stood at 11.151 billion USD, showing moderate growth of around 2.28% compared to the previous year. The CAGR over the last five years has been approximately 2.47%, indicating steady recovery and growth, albeit at a more modest pace than prior decades.
Future trends to watch for include:
- The influence of global economic stability and geopolitical factors on high-value art transactions.
- The impact of evolving digital marketplaces and NFTs on traditional art sales.
- Environmental sustainability concerns potentially affecting the art and antiques market.
- Continued growth in the Asian market as a significant destination for EU art exports.
Forecasts predict steady growth, with an expected average annual increase of around 1.76% over the next five years, culminating in an export value of 12.384 billion USD by 2028.