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Artlyst reports: UK Regains Number Two Position In Annual UBS Art Market Report

Published on Artlyst 12 June 2019

Each year during Art Basel in Switzerland, UBS publishes its annual art market report. The document has become one of the most essential barometers in the art world.

 

Antiques News & Fairs - UK Regains Number Two Position In Annual UBS Art Market Report

The US was the largest market worldwide, accounting for 44% of sales by value. The UK regained its position as the second-largest art market (21%), while China was the third largest, with 19%.

The Global Art Market in 2018 reached $67.4 billion up 6% year-on-year

1. Sales in the global art market in 2018 reached $67.4 billion, up 6% year-on-year. This second year of positive growth brought the market to its second-highest level in 10 years and has exceptional sales values 9% over the decade from 2008 to 2018.

2. The number of transactions reached its highest level since 2008, increasing 2% year-on-year to an estimated 39.8 million sales.

3. The auction sector (including both public and private sales) made up 46% of the market, down 1% year-on-year, while the dealer sector (including dealer, gallery, and online-only retail sales) accounted for 54%.

4. Sales in the three largest markets – the US, the UK, and China – accounted for 84% of the global market’s total value in 2018.

5. Despite Brexit worries, the UK had a relatively good year of sales, with values rising 8% to just under $14 billion. In the rest of Europe, the performance was mixed in 2018, with many of the broader markets declining.

6. Sales in China reached $12.9 billion in 2018, a decline of 3% year-on-year.

Antiques News & Fairs - UK Regains Number Two Position In Annual UBS Art Market Report

Frieze Art Fair Photo © Artlyst


The Art Market 2019 presents the results of comprehensive research on the global art and antiques market in 2018. The report describes some of the critical high-level trends in the global art trade, analysing the performance of different regions, sectors, and value segments of the market.

The information presented in this study is based on data gathered and analysed directly by Arts Economics (artseconomics.com) from dealers, auction houses, collectors, art fairs, art and financial databases, industry experts, and others involved in the art trade. (The Appendix offers an outline of some of the primary data sources used in the report.)

A critical part of the research each year involves a global survey of art and antique dealers. Many of the top- and second-tier auction houses take part in the auction survey.

Marc Spiegler Global Director, Art Basel says; “This year’s edition of the Art Basel and UBS Art Market report marks our third foray into the complex task of trying to quantify a market that is notoriously hard to analyse precisely – primarily due to the enormous role that galleries and private dealers play. That said, recent times have witnessed far greater willingness on their parts to discuss finances and the broad spectrum of business challenges, including wide-ranging debates about art-market imbalances. In an industry with a genteel tradition toward talking money, this is a sea change, and ultimately, a welcome development.

Antiques News & Fairs - UK Regains Number Two Position In Annual UBS Art Market Report
Continue reading full report at ARTLYST



News & Fairs Previews

Artlyst reports: UK Regains Number Two Position In Annual UBS Art Market Report

Published on Artlyst 12 June 2019

Each year during Art Basel in Switzerland, UBS publishes its annual art market report. The document has become one of the most essential barometers in the art world.

 

Antiques News & Fairs - UK Regains Number Two Position In Annual UBS Art Market Report

The US was the largest market worldwide, accounting for 44% of sales by value. The UK regained its position as the second-largest art market (21%), while China was the third largest, with 19%.

The Global Art Market in 2018 reached $67.4 billion up 6% year-on-year

1. Sales in the global art market in 2018 reached $67.4 billion, up 6% year-on-year. This second year of positive growth brought the market to its second-highest level in 10 years and has exceptional sales values 9% over the decade from 2008 to 2018.

2. The number of transactions reached its highest level since 2008, increasing 2% year-on-year to an estimated 39.8 million sales.

3. The auction sector (including both public and private sales) made up 46% of the market, down 1% year-on-year, while the dealer sector (including dealer, gallery, and online-only retail sales) accounted for 54%.

4. Sales in the three largest markets – the US, the UK, and China – accounted for 84% of the global market’s total value in 2018.

5. Despite Brexit worries, the UK had a relatively good year of sales, with values rising 8% to just under $14 billion. In the rest of Europe, the performance was mixed in 2018, with many of the broader markets declining.

6. Sales in China reached $12.9 billion in 2018, a decline of 3% year-on-year.

Antiques News & Fairs - UK Regains Number Two Position In Annual UBS Art Market Report

Frieze Art Fair Photo © Artlyst


The Art Market 2019 presents the results of comprehensive research on the global art and antiques market in 2018. The report describes some of the critical high-level trends in the global art trade, analysing the performance of different regions, sectors, and value segments of the market.

The information presented in this study is based on data gathered and analysed directly by Arts Economics (artseconomics.com) from dealers, auction houses, collectors, art fairs, art and financial databases, industry experts, and others involved in the art trade. (The Appendix offers an outline of some of the primary data sources used in the report.)

A critical part of the research each year involves a global survey of art and antique dealers. Many of the top- and second-tier auction houses take part in the auction survey.

Marc Spiegler Global Director, Art Basel says; “This year’s edition of the Art Basel and UBS Art Market report marks our third foray into the complex task of trying to quantify a market that is notoriously hard to analyse precisely – primarily due to the enormous role that galleries and private dealers play. That said, recent times have witnessed far greater willingness on their parts to discuss finances and the broad spectrum of business challenges, including wide-ranging debates about art-market imbalances. In an industry with a genteel tradition toward talking money, this is a sea change, and ultimately, a welcome development.

Antiques News & Fairs - UK Regains Number Two Position In Annual UBS Art Market Report
Continue reading full report at ARTLYST