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13.03.2018 – 20:27

UBS Deutschland AG

The Art Basel and UBS Global Art Market Report: Return to Growth for Global Art Market, with China Overtaking the UK

London (ots/PRNewswire)

- Global art market up 12% to an estimated $63.7 billion, after two years of decline

- China narrowly overtakes the United Kingdom as second largest market; US retains position as the largest market, and regains ground with an increase in sales of 16% year-on-year

- UBS research collaboration reveals fresh insights on collecting behaviors of US-based high net worth individuals

UBS and Art Basel today published the Art Basel and UBS Global Art Market Report, authored by renowned cultural economist Dr Clare McAndrew, and integrating strands of research from UBS and its Chief Investment Office. A comprehensive and macro-level analysis of today's international art market, the report covers key trends in the market in the context of wider economic shifts.

Key findings:

- Global Sales: The art market achieved total sales of an estimated 
  $63.7 billion in 2017, an increase of 12% on 2016. Much of the 
  uplift in sales in the auction and dealer sectors was at the top 
  end of the market, capped by record prices in the auction sector, 
  including the high-profile sale of the Leonardo da Vinci painting 
  'Salvator Mundi' for $450 million at Christie's.
- Leading Markets: 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%. 72% of dealer 
  sales in the US were to local buyers.
- Asia's Growth: The Asian market accounted for 23% of global sales 
  in 2017, and Asian buyers accounted for 15% of dealer sales 
  globally, with Chinese buyers representing the majority at 10%, up 
  significantly from just 4% in 2016, reinforcing evidence of the 
  continued growth of Asian buying power 

The report draws on key strands of research by UBS and its Chief Investment Office:

- A survey on the collecting behaviors of US-based high net worth 
  individuals undertaken in collaboration with Clare McAndrew and her
  team, as part of UBS quarterly Investor Watch, revealed that 35%, 
  an estimated 1 million HNWIs, were active in the art and 
  collectibles markets. 93% of those surveyed reported that they most
  often bought at prices less than $50,000 and  43% reported that 
  buying through a gallery directly or at an art fair was their 
  preferred channel. 73% felt that a passion for collecting art was 
  an expression of their personality, while 63% were motivated to 
  support arts and culture, with a higher rating for women (71%) than
  men (59%). There was a particularly strong motivation to support 
  local and national artists and living artists. 86% of collectors 
  surveyed reported that they had never sold a work from their 
  collection, and while 73% of those surveyed had a professional 
  financial advisor, relatively few used an art advisor (8%). 

Paul Donovan, Chief Economist, Global Wealth Management, UBS said: "The performance of today's growing and globalized art market is a fascinating reflection of wider economic trends and highly correlated with GDP and HNW populations. Collecting is a passion that we share with many of our clients and alongside our own exclusive art services, this collaboration with Dr Clare McAndrew and Art Basel is a natural fit for our ongoing commitment to the research and analysis of markets and economic data for our clients."

Download the full Art Basel and UBS Global Art Market Report here.

Contact:

Tamsin Selby
Tel. +41-79-433-66-06
tamsin.selby@ubs.com. PR Representatives Sutton: Sara Kietzmann Tel.
+44-7803874794
sara@suttonpr.com

Original content of: UBS Deutschland AG, transmitted by news aktuell