Authored by Dr Clare McAndrew, founder of Art Economics, The Art Market 2018 aims to set a new benchmark for art market analysis. The report, an independent and objective study, analyses the global art market by looking at its different segments such as gallery business, auction houses, changing patterns of global wealth and art collecting, art fairs, online sales and the economic impact of the art market in general.
Sales in the global art market reached $63.7 billion in 2017, up 12% on 2016. 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%. Dealer sales in 2017 reached an estimated $33.7 billion, up 4% year-on-year.
Dealers reported that they made 46% of their sales at art fairs in 2017, up 5% on the average share reported in 2016. Art fairs continue to be a central part of the global art market, with aggregate sales estimated to reach $15.5 billion in 2017, up 17% year-on-year.