Art Gallery Business Plan Template [Updated 2024]

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III. Industry Analysis

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The Art Gallery industry is highly fragmented, with only a small number of large operators. Over the past five years, the industry has benefited from increases in disposable income and in the number of households earning incomes of more than $100,000. However, the period was also marked by political and economic uncertainty that drove revenue declines enough to offset growth. Overall, revenue for the Art Dealers industry is anticipated to decrease an annualized rate of 2.2%.

The majority of industry revenue is generated through the sale of affordable pieces, both by large auction houses and by small gallery operators. Online sales are generating an increasingly large portion of sales for industry operators and contributing to the globalization of the industry but also increase the level of external competition posed by foreign markets.

Over the next five years, industry revenue is forecast to rebound and grow at an annualized rate of 4.3%. Industry growth will be driven by continuing the popularity of contemporary art, rising disposable income and an increasing number of museums seeking to make high-priced purchases to entice visitors.

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