Malta has a rich and sophisticated cultural background, with a history that dates back almost 7,000 years and no less than nine UNESCO Heritage Sites. Its cultural heritage and arts have been key to attracting thousands of tourists to the islands. The visual arts industry in Malta has seen a dynamic evolvement through the last decade, boosted by the launch of the national arts museum MUŻA as well as other public exhibition spaces and co-creation projects.
The private visual arts industry is still evolving and will act as a key asset to Malta’s social, cultural and economic growth in the years to come, especially within the context of its blossoming at a global level in the past generation through auction sales, high-end contemporary galleries, and international art fairs. Competing with stocks, bonds, real estate, and precious metal, the marketplace of buyers and sellers trading services, articles, and works of art attracts big money. Indeed, it was valued at over US$67 billion in 2018, up from almost US$64 billion the previous year. When looking at different regions, North America held the highest share of the global art market, with Europe placing second.