The International Art Market in 2011: Observations on the Art Trade over 25 Years.
This report presents an analysis of the key trends in the art market in 2011, and reflects on its evolution over the last 25 years. The global art market continued to recover in 2011, with the market as a whole advancing 7% year-on-year to €46.1 billion, an increase of 63% from the market crisis of 2009. The driving forces behind the continued recovery were strong sales in the Chinese auction market and the rise of fine art sales (over decorative art). China overtook the US for the first time to become the largest international art and antiques market worldwide in 2011, with a share of 30%, based on both auction and dealer sales. The report looks at some of the major changes in the size and structure of the global art market over the last 25 years and identifies the most important economic, technological, cultural and demographic forces which have changed the way that art is bought and sold worldwide over the period.