Cleveland Museum of Art · CC0 1.0A market moving east and south
North America still accounts for 40% of global volume, but it is the Middle East (+12.3%) and Asia-Pacific (+9.6%) that are growing fastest.
The regional index attributes each sale to the place where it is concluded. It makes it possible to follow the gradual shift of the market's centre of gravity and to spot emerging marketplaces.
This page presents the performance of the five regions, the factors that explain it and reading precautions.
The regions in 2024
Change in the regional index over 2024.
Weight and performance of the regions
| Region | Share of volume | Volume | 2024 change |
|---|---|---|---|
| North America | 40% | €27.1bn | +5.1% |
| Europe | 31% | €21.0bn | +3.9% |
| Asia-Pacific | 22% | €14.9bn | +9.6% |
| Middle East | 4% | €2.7bn | +12.3% |
| Africa and Latin America | 3% | €2.0bn | +7.2% |
What explains the geography
In North America, a highly liquid market and top-ranking auction houses support prices. Europe remains the leading place for old masters, furniture and decorative arts, but its growth is slower.
Asia-Pacific benefits from the arrival of new collectors and the creation of private museums. The Middle East benefits from major museum projects and public acquisition policies. Africa and Latin America start from a low volume but are progressing thanks to a very active contemporary scene.
These dynamics are not fixed. A marketplace can quickly gain importance when a museum opens, when a regulation becomes clearer or when an international fair settles there lastingly.
The shift of the market
- Europe at 38%
Europe is still the leading place.
- North America ahead
The region overtakes Europe in volume.
- Asia-Pacific at 19%
Growth in China, Singapore and India.
- Middle East at 4%
First major museum acquisitions.
The place of sale is not the nationality of the work
Mature marketplace or emerging marketplace
Mature marketplace
North America, Europe- High volume
- Moderate growth
- Stable regulatory framework
Liquidity and security.
Emerging marketplace
Asia-Pacific, Middle East, Africa, Latin America- Rapid growth
- Lower volume
- Framework under construction
Potential and vigilance.
How a sale is attributed to a region
- Declaration
The operator states the place of sale.
- Coding
The place is attributed to a Member State.
- Grouping
The State is grouped into one of the five regions.
- Calculation
The regional index is calculated on the region's sale pairs.
Reading the regional index
An auctioneer
« The art market is global, but each marketplace has its own temperament. »
Geographic vocabulary
- Marketplace
- City or region where sales are concluded.
- Liquidity
- Ease of buying or selling without moving prices.
- Emerging marketplace
- Market growing fast but still small in size.
- Currency
- Money in which the price is expressed.
Frequently asked questions
Why is the Middle East rising so much?
It starts from a low volume and benefits from major public acquisitions.
Where can I see the detailed breakdown?
In the Geographic breakdown section.
Are all the region's States covered?
Yes, the 67 Member States declare their sales, according to the list of States.
Do currencies distort the index?
No, prices are converted into constant euros.
Useful documents
Contacts
Related pages
Global indexThe OIMAP global index tracks changes in art market prices at constant quality, every month, since 2015.›
Geographic breakdownWhere sales are concluded: North America, Europe, Asia-Pacific, Middle East, Africa and Latin America.›
Asia-PacificThe most dynamic region of the established market: €14.9 billion in 2024, +9.6% over a year.›
See the geography of the market
Image credits (16)
- Nuova pianta di Roma data in luce da Giambattista Nolli l’anno MDCCXLVII, known as La Pianta Grande di Roma, Giovanni Battista Nolli (1748) — Cleveland Museum of Art, CC0 1.0
- Aureus: Bust of Claudius I (obverse); Triumphal Arch with Equestrian Statue and Trophies (reverse) (47–48 CE) — Cleveland Museum of Art, CC0 1.0
- Nuova pianta di Roma data in luce da Giambattista Nolli l’anno MDCCXLVII, known as La Pianta Grande di Roma, Giovanni Battista Nolli (1748) — Cleveland Museum of Art, CC0 1.0
- Painting Enthusiasts at Auction House Bouillon, Honoré Daumier (1862, printed 1920) — Cleveland Museum of Art, CC0 1.0
- Seven Jeweled Mountain (late 1800s) — Cleveland Museum of Art, CC0 1.0
- Rose Ryal: James I (obverse); Shield of Arms (reverse) (1619–20) — Cleveland Museum of Art, CC0 1.0
- Arrival of the "Southern Barbarians" (c. 1600) — Cleveland Museum of Art, CC0 1.0
- Plate: Diana and Acteon, Maestro Giorgio Andreoli (1522) — Cleveland Museum of Art, CC0 1.0
- Dune Scene with Peasant Figures, Willem van de Velde (mid-1650s) — Cleveland Museum of Art, CC0 1.0
- Medal: Loïe Fuller (obverse), Pierre Roche (1900) — Cleveland Museum of Art, CC0 1.0
- Nuova pianta di Roma data in luce da Giambattista Nolli l’anno MDCCXLVII, known as La Pianta Grande di Roma, Giovanni Battista Nolli (1748) — Cleveland Museum of Art, CC0 1.0
- Egypt and Nubia, Volume I: The Great Temple of Aboo-Simble, Nubia, Louis Haghe (1846) — Cleveland Museum of Art, CC0 1.0
- Stater: BODVOC on plain field (obverse); Horse, Wheel, and Crescent (reverse) (10 BCE–20 CE) — Cleveland Museum of Art, CC0 1.0
- Boating in Moonlight (1600s) — Cleveland Museum of Art, CC0 1.0
- Enjoying the Evening Cool Along the Sumida River, Kitagawa Utamaro (c. 1797–98) — Cleveland Museum of Art, CC0 1.0
- Creamer, Louis Rorimer (c. 1910) — Cleveland Museum of Art, CC0 1.0