The French art market is the fourth largest worldwide and became the biggest in the European Union (EU) after Brexit. Despite being the leading art hub in the EU, the
was just seven percent in 2023. Meanwhile, the United States accounted for over 40 percent of
, ahead of China and the United Kingdom. That year, the
amounted to around 4.6 billion U.S. dollars, one of the highest figures reported to date. The country is also known to have one of the lowest
, at 5.5 percent as of 2024. By comparison, Spain and Italy had a reduced VAT rate of 10 percent.
What are the main trading partners for the French art market?
In 2023, France's export value of works of art exceeded its import value. That year, the
trade value of works of art, collectors’ pieces, and antiques exported from France reached nearly 1.9 billion U.S. dollars – a decline of 3.5 percent from 2022. On the other hand, the
trade value of works of art, collectors’ pieces, and antiques imported into France totaled roughly 1.5 billion U.S. dollars. Overall, the United States was both the leading exporter and importer of works of art in France, with the United Kingdom and Switzerland being other key commercial partners for the French art market. In 2023, the
trade value of art exports from France to the U.S. amounted to more than 600 million U.S. dollars. Conversely, the
trade value of art imports from the U.S. to France added up to under 500 million U.S. dollars.
What are the leading French auction houses?
Aside from the French divisions of Christie’s and Sotheby’s – the
leading auction houses worldwide – the country’s auction market also includes competitive domestic businesses such as Artcurial, Millon, and Aguttes. In 2023,
global sales of Artcurial generated almost 220 million euros, setting a record for the French auction house. While
total sales of Million worldwide experienced an annual decline, the company recorded its second-highest result to date. When focusing on the art market, excluding sales of furniture and antiques,
public auctions’ revenue of fine art and NFTs in France was 875 million U.S. dollars in 2023, confirming the country as the world’s fourth leading auction market.
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