Each year, UBS and the economist Clare McAndrew publish a report that looks at the world’s global art market. For the first time, to go alongside it, McAndrew has also published a second report devoted to the role that cities across the U.S. play in the global art market.
According to McAndrew, the U.S. accounted for nearly half of all art sales in 2021—around some $28 billion, per her previous 2022 art market report. The new report reveals that the top five U.S. cities are New York, Los Angeles, San Francisco, Chicago, and Miami. These cities will likely come as no surprise to close watchers of the art world here, as they are all hubs for major museums, galleries, art fairs, and artists.
Listen beautiful relax classics on our Youtube channel.
“This research allowed us to look at the structure and make up of US art institutions in some of the country’s key art hubs, looking beyond sales and financial metrics to consider how their choices, risk preferences and behaviors can affect the careers of new artists,” McAndrew said in a statement.
In collaboration with Wondeur AI, McAndrew analyzed the exhibition history of some 4,150 art institutions anywhere in the country that actively presented, between 2017 and 2021, the work of artists born after 1900. Drawing on its 250,000-person database, Wondeur AI then grouped those artists by career stage, from “star” to “emerging.”
Despite accounting for 4 percent of what’s in Wondeur AI’s database, “star” artists were the subject of 47 percent of institutional shows and 23 percent of commercial gallery shows, the report said. Meanwhile, “emerging” artists made up 84 percent of the database, but only 17 percent of institutional shows and 36 percent of gallery shows.
As part of its findings, the report relies on two metrics (between 0 and 100) developed by Wondeur AI. The first is “risk appetite,” or an institution’s “willingness to show new Emerging artists before other institutions,” with a higher score indicating a greater willingness to do so. The second is “performance,” which attempts to map whether an artist continued to have solo shows after one particularly important exhibition, essentially launching their careers to greater heights. (All artists evaluated in this part of the report only began exhibiting in 2010 or later.)
The report found that gender parity still has not been achieved in these cities, with shows by women accounting for between 30 and 45 percent of shows in each urban center surveyed.
Take a look below at the specific data for each city.