Art Basel's 2017 Global Art Market Report Released

Clare McAndrew
Clare McAndrew

In Hong Kong, Art Basel and UBS released The Art Market, a new annual global art market analysis available for free download. Authored by Dr Clare McAndrew, The Art Market covers all aspects of the international market and highlights the most important developments in the previous year.

McAndrew is a cultural economist who specializes in the arts, antiques and collectibles markets. She previously produced the TEFAF Art Market Report.

Key findings of the report show the global art market achieved total sales of an estimated USD 56.6 billion in 2016, down 11 percent from 2015. Dealer sales rose just under 3% on aggregate to reach USD 32.5 billion, although performance was mixed between sectors and segments. Sales at public auction of fine and decorative art and antiques came under pressure in 2016, with aggregate values falling by 26% to USD 22.1 billion.

The United States was again ranked in first place for global sales by value with a market share of 40%. The United Kingdom was the second largest global market with 21%, followed by China with 20%.

More News Feed Headlines

View of Skirball Fire near the Getty Center.  via Twitter, Melissa Castro‏ @Healthgap_mila

The Getty, Skirball Cultural Center Close Under Wildfire Threat

  • December 06, 2017 14:17

The Getty Center closed to protect its art collections on Tuesday, Wednesday and Thursday as ...

Read More

Da Vinci's Salvator Mundi

New Twists in 'Salvator Mundi' Tale as the Jesus Portrait Heads to Louvre Abu Dhabi

  • December 06, 2017 13:04

UPDATE, Sunday: Initial reports last week that the world's most expensive painting sold to a ...

Read More

The Diamond Eagle presented to George Washington

George Washington's Diamond Eagle Medal On Display With Newly-Discovered 7-Foot Watercolor in Philadelphia Exhibition

  • December 06, 2017 12:26

The Diamond Eagle — an exquisite jewel-encrusted medal owned and worn by George Washington — is ...

Read More

Lubaina Himid, 2017.  Courtesy of the artist and Hollybush Gardens Photo: Edmund Blok for Modern Art Oxford

Lubaina Himid is First Non-White Woman, and the Oldest Person, to Win Turner Prize

  • December 05, 2017 20:31

Britain's prestigious Turner Prize, awarded in contemporary art, has named its 2017 recipient--an ...

Read More

Related Press Releases

 

ArtfixDaily Artwire