Art Basel and UBS Global Art Market Report

Art Basel and UBS report includes 'bright spots' in its economic analysis of a difficult year

A survey of wealthy collectors revealed optimism for buying art in the future.

Worldwide art and antiques sales increased 3% year-on-year to an estimated $67.8bn (£54.8bn) in 2022, according to the latest Global Art Market Report.

The red tape of Brexit and the continued imposition of VAT on art imports is having a material impact on the British art market according to a macro-level analysis of global art commerce.

Dealers’ sales improved during the first part of the year according to a new report sponsored by Art Basel and UBS, though the results were less positive for smaller businesses.

Global trade widely affected by pandemic but online sales double in value

During the coronavirus pandemic, art galleries focused attention on online growth to try to mitigate the impact of closures globally.

The UK has retained second place ahead of China in sales of art and antiques, according to the latest Art Basel and UBS global art market report 2020.

The global art market grew by 12% in 2017 with the expansion driven by high-end sales as China overtook the UK as the second largest market, according to Dr Clare McAndrew’s latest report.

TEFAF have said they still will maintain an annual art market report despite losing the services of Dr Clare McAndrew who is joining up with Art Basel.

Economist and author of the annual TEFAF Art Market Report Clare McAndrew has left TEFAF to join with Art Basel, it has been announced.