The Turkish work of art imports have experienced significant fluctuations over the past decade. After peaking at €40.52 million in 2014, there was a substantial decline, hitting a low of €7.14 million in 2020. The market showed signs of recovery with a marked increase in 2021 by 78.63% and a further 45.12% rise in 2022. By 2023, the value stood at €19.04 million, reflecting a modest year-on-year growth of 2.87%. Despite these fluctuations, the compound annual growth rate (CAGR) over the past five years prior to 2024 is -2.98%, indicating an overall decline.
For future trends, it is predicted that the market will exhibit steady growth with a forecasted CAGR of 2.12% from 2024 to 2028, reaching €21.76 million by 2028. This translates to an 11.04% projected growth over the next five years. Watch for changes in global economic conditions, policies affecting art imports, and evolving tastes in the art market as key influencers of this forecasted trend.
