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The Art Market 2018

An Art Basel & UBS Report

Prepared by Dr Clare McAndrew

Founder of Arts Economics

Contents

3

Auction Sales

Key Findings

102
3.1 | Auction Sales in 2017 104
3.2

The Global Distribution of Auction Sales 108

3.3 | Price Segmentation 116
3.4 | Fine Art Sectors 126 3.5 | Post War and Contemporary Art 130
3.6 | Modern Art 146
3.7 | Impressionist and Post Impressionist 154
3.8

Old Masters and European Old Masters 162

5

Online Sales

Key Findings

229
5.1 | The Online Art Market 230
5.2 | The Online Auction Sector 234
5.3 | The Online Dealer Sector 244
5.4 | Blockchain and the Art Market 246
5.5 | Website Traffic and Social Media 252
7

Economic Impact and Conclusions

Key Findings

321
7.1 | Employment in the Art Market in 2017 322
7.2 | Dealer Sector Employment 322
7.3 | Auction Sector Employment 325
7.4 | Ancillary Economic Impact 327
7.5 | Conclusions 332

Appendix - Sources Used in

the Art Market 2018 342
4

Exhibitions and Art Fairs

Key Findings

177
4.1 | Exhibitions 179
4.2 | Art Fairs 190
4.3 | Art Fair Sales 194
4.4 | Art Fair Geography and Numbers 200
4.5 | Art Fair Content 215
4.6 | Conclusions 223
6

Global Wealth and Art Buyers

Key Findings

262
6.1 | Regional Performance in 2017 264
6.2 | World Wealth 274
6.3 | Wealth Distribution 280
6.4 | Global Millionaires and Billionaires 286
6.5 | Top 200 Collectors 294
6.6 | Art Collector Survey 296
6.7 | Art Buyers 308

Tables and Figures 4

Acknowledgments

10

Director's Foreword

12

Statement by UBS

13

Key Findings 15

1

The Global Art Market in 2017

Key Findings

27
1.1 | Overview of Global Sales 28
1.2 | Global Market Share 34
1.3 | Regional Sales 36
2

Dealer Sales and Exhibitions

Key Findings

45
2.1 | Dealer Sales in 2017 46
2.2 | Market Prices and Segmentation 56
2.3 | Dealer Margins and Financing 58
2.4 | Supply and Inventories 63
2.5 | Primary Versus Secondary Markets 71
2.6 | Gallery Longevity 80
4

Tables and Figures

1

The Global Art Market in 2017

Table 1.1 | The Global Art Market: Value and Volume of Transactions 29

Figure 1.1

| Sales in the Global Art Market 2007-2017 30

Figure 1.2

| Growth in Sales in the Global Art Market 31

Figure 1.3

| Global Art Market Share by Value in 2017 34

Figure 1.4

| Global Market Share of the US, UK and China 2007-2017 35

Figure 1.5

| Sales in the Major Art Markets 2007-2017 38

Figure 1.6

| EU Art Market Share by Value in 2017 41 2

Dealer Sales and Exhibitions

Table 2.1 | Sources of Supply for Dealers in 2017 64

Table 2.2

| Average Time Taken to Sell Works from Inventory in 2017 (by Sector) 67

Table 2.3

| Top Challenges in 2017 and in the Next Five Years 99

Figure 2.1

| Share of Surveyed Dealers by Total Sales in 2017 47

Figure 2.2

| Average Sales by Sector 2016 and 2017 48

Figure 2.3

| Change in Turnover by Dealer Segment 2016-2017 49

Figure 2.4

| Dealers' Views on Sales in the Future 50

Figure 2.5

| Dealers' Views on Sales Over the Next Five Years 52

Figure 2.6

| Median Prices by Sector in 2017 56

Figure 2.7

| Share of Total Dealer Sales by Price Bracket in 2017 57

Figure 2.8

| Debt Ratios in the Dealer Sector in 2017 59

Figure 2.9

| Dealers' Gross Profit Ratios in 2017 60

Figure 2.10

| Dealers' Net Profit Ratios in 2017 62

Figure 2.11

| Share of Sales by Inventory Basis and Sector in 2017 65

Figure 2.12

| Average Time Taken to Sell Works from Dealers' Inventory in 2016 an d 2017 67

Figure 2.13

| Average Payment Cycle for All Dealers in 2016 and 2017 68 3

Auction Sales

Table 3.1 | Annual Growth, Total Growth and Share of Sales by Value 118

Table 3.2

| Annual Growth, Total Growth and Share of Sales by Volume 120

Table 3.3

| Top 20 Selling Post War and Contemporary Artists in 2017 135

Table 3.4

| Top Prices in the Post War and Contemporary Sector in 2017 136

Table 3.5

| Top 20 Selling Living Artists in 2017 141

Table 3.6

| Top Prices for Living Artists in 2017 142

Table 3.7

| Top 20 Artists for Works Created in the Last 20 Years in 2017 144

Table 3.8

| Top Selling Artists in the Modern Sector in 2017 151

Table 3.9

| Top Prices in the Modern Sector in 2017 152

Table 3.10

| Top 20 Selling Impressionist and Post Impressionist Artists in 2017 159

Table 3.11

| Top Prices in the Impressionist and Post Impressionist Sector in 2017 160

Table 3.12

| Global Market Share: Old Masters Paintings in 2017 165

Table 3.13

| Top 20 Selling Old Master Artists in 2017 170

Table 3.14

| Top Prices in the Old Masters Sector in 2017 172 Figure 2.14 | Payment Cycle for Dealers in Selected Countries in 2017 70

Figure 2.15

| Primary Market Dealers in 2017 72

Figure 2.16

| Secondary Market Dealers in 2017 74

Figure 2.17

| Dealers Trading in the Primary and Secondary Markets in 2017 76

Figure 2.18

| Dealers Trading in the Primary and Secondary Markets: Sales and Artist s Represented in the Secondary Market in 2017 77

Figure 2.19

| Number of Years in Business in 2017 (Share of Companies) 81

Figure 2.20

| Median Years in Business in 2017 by Sector 83

Figure 2.21

| Gallery Openings and Closures 84

Figure 2.22

| Gallery Openings by Region 86

Figure 2.23

| Gallery Closures by Region 87

45 Tables and Figures

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