The Art Market 2017 continues and expands Arts Economics’ global art market analysis in a new report commissioned by Art Basel and UBS. The annual report analyses the global art market by looking at its different segments such as galleries, auction houses, changing patterns of global wealth and art collecting, art fairs, online sales and the economic impact of the art market in general.
The Art Market 2017 reveals that he global art market achieved total sales of an estimated $56.6 billion in 2016, down 11% from 2015. Dealer sales rose just under 3% on aggregate, 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% .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%.
The full report is available for download here.