"Art Basel is proud to announce the launch today of The Art Market 2017, a joint publication by Art Basel and UBS that offers a comprehensive analysis of the international art market. Written by cultural economist Dr Clare McAndrew, founder of Arts Economics, the report covers macro-economic trends within the industry, spanning the dealer and auction markets, as well as the online sphere. The Art Market 2017 is available for free download from artbasel.com/theartmarket.
The report tracks the development of the international art market over the course of 2016, analyzing regional performance and global wealth trends, and exploring the economic impact of the art business.
Key highlights as follows:
- 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 percent 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 percent 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 percent. The United Kingdom was the second largest global market with 21 percent, followed by China with 20 percent.