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

PR72665

LONDON, March 14, 2018 /PRNewswire=KYODO JBN/ --

     - 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

buyers.     

     - 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

Office:

    - 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

[https://www.ubs.com/global/en/about_ubs/contemporary-art.html ].

SOURCE: UBS