The global art market was valued at 67.4 billion in 2018, the second highest year on record. The United States, the United Kingdom and China are the three largest art markets in the world. Their combined sales represent 84% of the global art market. The auction house is one of the main drivers of the art market. Public auction sales exceeded 29 billion last year. Two auction houses, Christie's and Sotheby's, compete each year to win more than 40% of global auction sales.

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How two companies dominate the 67 billion art world

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