Global art market value increases 12 percent in 2017March 19, 2018
The value of the global art market increased 12 percent year on year in 2017 to US$ 63.7 billion, according to The Art Market 2018. The report by Art Basel and UBS shows the U.S. once again dominating the global scene, with 42 percent of sales by value, but indicated that Asia as a whole was set for growth in the near future.
The world’s largest markets, the U.S., China and the U.K., currently account for 83 percent of global sales by value. All three markets saw a marked increase last year, up 16, 14 and 8 percent respectively.
Correlating sales growth with GDP, the report suggests that Asia as a whole could increase its market share in the next five years. In 2017, Asia accounted for 17 percent of global imports of art, with China making up 9 percent of that total.
Report author Dr Clare McAndrew, Founder of Arts Economics states: “China, India and other Asian countries have not only been the fastest growing over 10 years, but are also expected to remain on the highest trajectory over the next five, growing at more than twice the rate of countries in the EU and G7, reducing the income differential with mature markets and potentially increasing the buying power of collectors and new buyers in these regions.”
Sales don’t necessarily correlate to activity in the art market, the report claimed. It highlighted South America and Africa, which, despite dynamic and vibrant local art scenes, have a combined share of less than 4 per cent of the art market.
The report affirmed that the industry’s impact on the global economy was more complex than sales. It pointed to the creation of employment and tourism as well as the industry’s unquantifiable contribution to cultural identity and its social benefits.
Overall, the report says, exhibitions are more globally dispersed than sales. While the U.S. still dominates in terms of exhibitions, it only has a 21 percent share of the market. Germany claims second place with 12 percent and France takes third with 10 percent.
Click here to read the report in full.