Country for PR: United Kingdom
Contributor: PR Newswire Europe
Wednesday, March 14 2018 - 06:56
The Art Basel and UBS Global Art Market Report: Return to Growth for Global Art Market, with China Overtaking the UK
LONDON, March 14, 2018 /PRNewswire-AsiaNet/ --

     - Global art market up 12% to an estimated $63.7 billion, after two years 
of decline

    - China narrowly overtakes the United Kingdom as second largest market; US 
retains position as the largest market, and regains ground with an increase in 
sales of 16% year-on-year

    - UBS research collaboration reveals fresh insights on collecting behaviors 
of US-based high net worth individuals

    UBS and Art Basel today published the Art Basel and UBS Global Art Market 
Report, authored by renowned cultural economist Dr Clare McAndrew, and 
integrating strands of research from UBS and its Chief Investment Office. A 
comprehensive and macro-level analysis of today's international art market, the 
report covers key trends in the market in the context of wider economic shifts.

    Key findings:

    - Global Sales: The art market achieved total sales of an estimated $63.7 
billion in 2017, an increase of 12% on 2016. Much of the uplift in sales in the 
auction and dealer sectors was at the top end of the market, capped by record 
prices in the auction sector, including the high-profile sale of the Leonardo 
da Vinci painting 'Salvator Mundi' for $450 million at Christie's.
     - Leading Markets: The US was the largest market worldwide, accounting for 
42% of sales by value, with China in second place 21% and the UK the third 
largest market with 20%. 72% of dealer sales in the US were to local 
     - Asia's Growth: The Asian market accounted for 23% of global sales in 
2017, and Asian buyers accounted for 15% of dealer sales globally, with Chinese 
buyers representing the majority at 10%, up significantly from just 4% in 2016, 
reinforcing evidence of the continued growth of Asian buying power 

    The report draws on key strands of research by UBS and its Chief Investment 

    - A survey on the collecting behaviors of US-based high net worth 
individuals undertaken in collaboration with Clare McAndrew and her team, as 
part of UBS quarterly Investor Watch, revealed that 35%, an estimated 1 million 
HNWIs, were active in the art and collectibles markets. 93% of those surveyed 
reported that they most often bought at prices less than $50,000 and 43% 
reported that buying through a gallery directly or at an art fair was their 
preferred channel. 73% felt that a passion for collecting art was an expression 
of their personality, while 63% were motivated to support arts and culture, 
with a higher rating for women (71%) than men (59%). There was a particularly 
strong motivation to support local and national artists and living artists. 86% 
of collectors surveyed reported that they had never sold a work from their 
collection, and while 73% of those surveyed had a professional financial 
advisor,  relatively few used an art advisor (8%). 

    Paul Donovan, Chief Economist, Global Wealth Management, UBS said: "The 
performance of today's growing and globalized art market is a fascinating 
reflection of wider economic trends and highly correlated with GDP and HNW 
populations. Collecting is a passion that we share with many of our clients and 
alongside our own exclusive art services, this collaboration with Dr Clare 
McAndrew and Art Basel is a natural fit for our ongoing commitment to the 
research and analysis of markets and economic data for our clients."

    Download the full Art Basel and UBS Global Art Market Report here 
[ ].