Art Basel and UBS today launched the first Art Basel and UBS
Global Art Market Report. The Art Market 2017 analyzes today's
international art market. Written by renowned cultural economist Dr
Clare McAndrew, Founder of Arts Economics, the report covers
macro-economic trends within the industry, spanning the dealer and
auction markets as well as the online sphere. The full report is
free to download as of today on the Art Basel website.
A continuation of Dr Clare McAndrew's extensive research into
this field, the report begins with a discussion of estimated global
sales, including the key benchmark statistics on global transaction
values, volumes and geographic market shares. It then continues in
successive chapters by analyzing the dealer and auction segments,
online sales, art sectors (by periods), as well as global wealth
trends and economic impact metrics. This new report places a large
emphasis on the gallery sector, covering areas such as primary
versus secondary sales, profitability, debt, exhibitions and art
fairs.
Please click here (link: www.artbasel.com/theartmarket) to
download the full Art Basel and UBS Global Art Market Report for
free.
Key findings of The Art Basel and UBS Global Art Market Report
include:
- Globally: The art market achieved total
sales of an estimated $56.6 billion in 2016, down 11% from
2015.
- Leading Markets: The top three markets
– Unites States, United Kingdom and China – cemented their dominant
position in the global art market in 2016, with a combined 81% of
estimated sales by value. Despite a substantial decline in sales,
the United States was again the largest market by value with an
estimated market share of 40%. The United Kingdom was the second
largest with 21%, followed by China with 20%.
- Dealer Figures: In 2016, there was a
slight increase in sales in the dealer sector
- up 3% year-on-year to an estimated
$32.5 billion.
- Auction Figures: The value of sales at
public auctions declined 26% year-on- year, reaching on aggregate
an estimated $22.1 billion.
- Leading Auction Market: Due to the fall
in United States auction sales and relatively stable performance in
China, the Chinese market led the auction sector with 34% of sales
by value.
- Private Auction Sales: All of the
top-tier auction houses engaged in private sales, and these rose in
2016 to a weighted average share of 16% of their turnover.
- Art Sectors: The largest sector of the
public fine art auction market in 2016 was Post War and
Contemporary art, accounting for 52% of the market by value and 37%
of transactions.
- Online Sales: Sales of art and antiques
online were estimated to have reached
- $4.9 billion in 2016, an increase of 4%
year-on-year and accounting for almost 9% of the global art and
antiques market by value.
- Art Fairs in the Global Art Market: Art
fairs continue to be a central part of the global art market, with
aggregate sales estimated to reach $13.3 billion in 2016, up 5%
year-on-year and an increase of 57% since 2010. Art fairs accounted
for estimated 41% of dealer sales in 2016.
Due to the complex nature of the art and antiques market, data
included in the report had to be collected and studied from a range
of different sources. All of the data is gathered and analyzed
directly by Arts Economics from dealers, auction houses, art and
antique collectors, art price databases, financial and economic
databases, industry experts and others involved in the art trade.
The auction data included was sourced from Collectrium, Art Market
Monitor of Artron and directly from auction houses.
To compile data on the dealer sector, Arts Economics sent an
anonymous online survey of approximately 6,500 dealers from the
Unites States, Europe, Asia, Africa and South America in 2017 with
a participation rate of 17% (or just over 1,100 dealers). This was
supplemented by a series of interviews with dealers in different
sectors and countries to gain important in-depth insights on the
art market. Exhibition data was sourced from Artfacts.net, whose
database contains information from 750,000 exhibitions, and over
30,000 galleries, museums, and art fairs providing an authoritative
record of exhibitions. Research on the online sector was informed
by a survey on 50 businesses selling art and antiques online,
supplemented by one-on-one interviews.
In collaboration with UBS and its Chief Investment Office, Clare
McAndrew and her team were also able to gather fresh insights on
the collecting behavior of US-based high net worth Individuals. The
survey conducted for the report found that an estimated 1.1 million
high net worth individuals in the US had purchased works of art or
antiques in the last two years, with 12% having spent over $50,000
in the global market in that period, and 3% spending over $1
million.
Clare McAndrew, Founder, Arts Economics said: "2016 was a
challenging year for the art market with uneven performance across
regions and sectors. An uplift in gallery sales prevented a deeper
decline in sales overall, with dealers gaining share of the global
art trade. However even within this sector, performance differed
between segments, with the best results reported for dealers
operating at the high end of the market. Auction sales experienced
a steep drop in value in 2016 and unlike previous years, it was the
highest end - sales over $10 million – that suffered the greatest
decline.”
Marc Spiegler, Global Director, Art Basel said: “As the industry
grows larger and more globalized, it becomes ever-more important to
add granular data into our thinking, combining it with personal
experiences in forming our views on the art world and its potential
futures. Clare McAndrew’s report has taken a strong step in that
direction, widening her research and focus, so we are very proud to
support the continuation of her in-depth analysis.”
Mark Haefele, Global Chief Investment Officer, UBS Wealth
Management said: "As longstanding patrons of the arts, UBS is
pleased to collaborate with Art Basel to publish the premier
research on the global art market. Alongside our own art services
offerings, institutional patronage, and well-known art collection,
the work of Dr Clare McAndrew corresponds closely with our ongoing
commitment to research and analysis of financial markets and
economic data for our clients."
As part of the afternoon Salon program during the Hong Kong fair
on Thursday, March 23, 5pm to 6pm, Clare McAndrew will introduce
the first Art Basel and UBS Global Art Market Report, in
conversation with Jan Dalley, Arts Editor, Financial Times; and
Adrian Zuercher, Head Asset Allocation APAC, Chief Investment
Office WM, UBS AG; moderated by Alexandra Seno, Head of
Development, Asia Art Archive.
Notes to Editors
About Arts Economics and Clare McAndrew
Arts Economics is a research and consulting firm focused
exclusively on research and analysis of the fine and decorative art
market for private and institutional clients. The company was
founded by Clare McAndrew in 2005. Dr McAndrew is a cultural
economist who specializes in the arts, antiques and collectibles
markets. She completed her PhD in economics at Trinity College
Dublin in 2001, where she also lectured and taught economics for
four years. In 2002, Clare joined US firm Kusin & Company, a
boutique investment banking firm specializing in art investment, as
chief economist. After three years in the US, Clare returned to
Europe in 2005, and continued her work in the art market in a
private research and consulting capacity for a global client base.
She set up Arts Economics in 2005 to focus her efforts on art
market research and analysis, and works with a network of private
consultants and academic scholars in different regions around the
world providing research and consulting services to the global art
trade and financial sector.
About UBS and Contemporary Art
UBS’s long and substantial record of patronage in contemporary
art actively enables clients and audiences to participate in the
international conversation about art and the global art market
through the firm’s contemporary art platform. In addition to the
Guggenheim UBS MAP Global Art Initiative, UBS’s extensive roster of
contemporary art initiatives and programs currently includes: the
UBS Art Collection, one of the world’s largest and most important
corporate collections of contemporary art and the firm’s long-term
support for the premier international Art Basel shows in Basel,
Miami Beach, and Hong Kong, for which UBS serves as global Lead
Partner. These activities are complemented by a number of regional
partnerships with fine art institutions including the Fondation
Beyeler in Switzerland, Galleria d’Arte Moderna in Milan, the
Nouveau Musée National de Monaco, the Louisiana Museum of Modern
Art in Denmark, and the Art Gallery of New South Wales in Sydney,
Australia. UBS also provides its clients with insight into the
contemporary art world through the free art news app Planet Art,
collaborations with the Swiss Institute; and the online resource
Artsy; as well as through services offered by the UBS Art
Competence Center and the UBS Arts Forum. For more information
about UBS’s commitment to contemporary art, visit ubs.com/art.
About UBS's Chief Investment Office
UBS's Chief Investment Office (CIO) oversees the investment
strategy for USD 2.1 trillion in client assets across UBS's wealth
management businesses globally. CIO is headquartered in Zurich and
has strategists and analysts located in major financial centers
worldwide, including New York, London, Hong Kong, and Singapore.
CIO's expertise spans a full range of investments, from equities,
bonds, currencies and commodities to alternative and impact
investment funds.
About UBS
UBS provides financial advice and solutions to wealthy,
institutional and corporate clients worldwide, as well as private
clients in Switzerland. The operational structure of the Group is
comprised of our Corporate Center and five business divisions:
Wealth Management, Wealth Management Americas, Personal &
Corporate Banking, Asset Management and the Investment Bank. UBS's
strategy builds on the strengths of all of its businesses and
focuses its efforts on areas in which it excels, while seeking to
capitalize on the compelling growth prospects in the businesses and
regions in which it operates, in order to generate attractive and
sustainable returns for its shareholders. All of its businesses are
capital-efficient and benefit from a strong competitive position in
their targeted markets.
UBS is present in all major financial centers worldwide. It has
offices in 54 countries, with about 34% of its employees working in
the Americas, 35% in Switzerland, 18% in the rest of Europe, the
Middle East and Africa and 13% in Asia Pacific. UBS Group AG
employs approximately 60,000 people around the world. Its shares
are listed on the SIX Swiss Exchange and the New York Stock
Exchange (NYSE).
www.ubs.com/artFollow us on Twitter: @UBS
About Art Basel
Founded in 1970 by gallerists from Basel, Art Basel today stages
the world's premier art shows for Modern and contemporary art,
sited in Basel, Miami Beach, and Hong Kong.
Defined by its host city and region, each show is unique, which
is reflected in its participating galleries, artworks presented,
and the content of parallel programming produced in collaboration
with local institutions for each edition.
Art Basel’s engagement has expanded beyond art fairs through a
number of new initiatives. In 2014, Art Basel launched its
Crowdfunding Initiative, in collaboration with Kickstarter. This
initiative presents jury-selected art projects to potential
benefactors, which include Art Basel’s vibrant audience and the
Kickstarter community. The initiative has catalyzed much-needed
support for outstanding non-commercial art projects worldwide and
so far has helped pledge over $1.4 million to creative projects
around the world. For Art Basel Cities, launched in 2016, Art Basel
is working with selected partner cities to develop vibrant and
content-driven programs specific to the individual city.
Connecting them to the global art world through Art Basel's
expertise and network, Art Basel Cities supports its partners to
develop their unique cultural landscape. For further information
please visit artbasel.com.
Partners
UBS, global Lead Partner of Art Basel, has supported the
organization for more than 20 years. As Art Basel’s global network
expanded, UBS increased its lead partnership to include all three
shows: Basel, Miami Beach and Hong Kong.
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version on businesswire.com: http://www.businesswire.com/news/home/20170322006140/en/
MediaUBS Wealth Management AmericasMaya Dillon,
+1-212-713-3130/ +1-917-615-7094 (mobile)maya.dillon@ubs.com
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