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The Art Basel and UBS Global Art Market Report: Return to Growth for Global Art Market, with China Overtaking the UK

PR NEWSWIRE

LONDON, March 13, 2018 /PRNewswire/ --

- 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: 

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

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
.

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