Why Fewer Galleries Are Opening Than Were Ten Years Ago

A new report from UBS and Art Basel, The Art Market | 2018, found that the rate of galleries opening has fallen dramatically over the past decade. In 2017, just 0.9 galleries opened for every one that shuttered, down from five openings to every closure 10 years prior, a sign the art market could be losing its dynamism as new entrants face increasingly high barriers to entry.