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Wed 6 Nov 2019 12:14 PM

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Video: How two companies dominate the $67 billion art world

The global art market was valued at $67.4 billion in 2018, the second highest year ever.

The United States, United Kingdom and China are the three largest art markets in the world. Their sales combined make up 84% of the global art market. The auction house is one of the biggest drivers of the art market.

Sales at public auctions exceeded $29 billion last year. Two auction houses—Christie's and Sotheby's— compete head to head each year capturing more than 40% of global auction sales.

(Source: CNBC YouTube channel)