Buying And Selling Art – The Art Market 2017

LUXURY INVESTMENT / Art

Buying And Selling Art – The Art Market 2017

Jointly produced by UBS and Art Basel, The Art Market 2017 examines the economics of art as well as trends in the global art industry

Written by WEALTH Team on 27 March 2017

UBS and Art Basel released The Art Market 2017 report, which presents the results of a comprehensive and macro-level analysis of the global art and antiques market in 2016.

The report – which spans the dealer and auction markets as well as the online sector – examines global sales (including key benchmark statistics on global transaction values), volumes and geographic market shares.

Global market share of the US, UK and China

Global market share of the US, UK and China Source: Art Economics (2017)

*Source: Art Economics (2017)

According to the report, the US was the largest market for art in 2016 – with a market share of 40%, albeit down three percentage points from the previous year. Its 16% decline in sales to USD22.9 billion was due largely to lower auction results.

The UK came in second place at 21%, with China breathing down its neck just one percentage point behind.

The report highlighted several risks to the art market, which could be exacerbated by the increasing dominance of the ultra-wealthy and thinning ranks of more modest collectors who help support the emerging end of the market: “Since 2009, we’ve really seen the top end pull away and get more disconnected from the everyday businesses of the market.”

To learn more, download the report here

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