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
(https://www.ubs.com/global/en/about_ubs/contemporary-art.html).

ots Originaltext: UBS Deutschland AG
Im Internet recherchierbar: http://www.presseportal.de

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 von: UBS Deutschland AG, übermittelt durch news aktuell