Global Fine Art Sales Reached $63.7-B in 2017
The global art market bounced in Y 2017 after 2 years of declining sales, rising 12% to $63.7-B, as the super wealthy chased Tier 1 works by from some well-known artists.
The recovery was led by Leonardo da Vinci’s “Salvator Mundi,” which hammered for $450-M last November, the high-end of the market accounted for lion’s share of the gainer, results in other segments were mixed, according to the Art Market 2018 report by UBS Group AG and Art Basel.
The US was home to the the largest market, claiming 42% of sales by value, followed by China at 21%, and the UK with 20%.
The Y 2017 tally was short of the Y 2014 high, when sales reached $68-M.
Public auctions accounted for $28.5% of the total, + 27% from Y 2016, short of the $32.9-M take in Y 2007.
The report identified 52,105 artists with sales at auction in Y 2017. Those whose pieces sold for more than $10-M accounted for 0.2% of the lot.
Works that sold for more than $1-M accounted for 64% of sales, while representing just 1% of overall transactions.
Have a terrific St. Patrick’s Day