Globalisation and the Art Market: Emerging Economies and the Art Trade in 2008.
This report presents an analysis of the key trends in the art market in 2007, focusing on some of the newer emerging markets. For decades, the market for works of art has been built around the two art centres of London and New York. However since about 2005, several new “emerging art markets” have made a significant impact on its size, structure, dynamics and outlook. This report investigate the key features of the art markets of China, India, Russia and the Middle East and assesses their current and future impact on the global art trade.
The report also provides a snapshot of the global market in 2007, which amounted to €48.1bn, including both dealer and auction sales of all fine and decorative art and antiques. This represents its highest ever total, and an increase of 11% on its value in 2006. The US was the largest art market with as share of 41% and the UK held second position with 30% of global sales by value. China was the third largest global art market with an 8% global market share.