The Global Art Market in 2010: Crisis and Recovery.
This report presents an analysis of the key trends in the art market in 2010, highlighting its significant recovery in 2010, particularly in China and the US. After two years of declining sales, the global market rose 52% to reach a total of €43 billion. Among the most significant developments in recent years has been the phenomenal growth of the art market in China, which more than doubled in value since 2009.
China became the world’s second largest art market in 2010, with a global share of 23%, overtaking the UK for the first time. Europe, on the other hand, continued to stagnate and the EU’s share of the global market dropped to 37%, a decline of 16% from its high point in 2003. This report looks in depth at the two largest and most actively traded sectors of the art market- Modern and Contemporary art which again highlight Europe’s declining position.