Cosmoscow-2017 results presented in the Global Art Market Report

Recently released second edition of the Art Basel and UBS Global Art Market Report introduces the results of a comprehensive global art market analysis for 2017 prepared by the cultural economist Dr. Clare McAndrew. According to the Report, sales in the global art market reached $63.7 billion.

• Post War and Contemporary art was the largest sector by value of auction sales in 2017, accounting for 46%.
• The global online art market has increased substantially in size over the last five years (by 72%) and reached a new high of $5.4 billion in 2017.
•  Sales at fairs were estimated to have reached close to $15.5 billion in 2017, up 17% year-on-year. Dealers reported that they made 46% of their sales at art fairs in 2017, up 5% on 2016.
• On average, dealers attended five fairs in 2017, the same number as in 2016.

This year the Report took in consideration data provided by Russia’s only contemporary art fair Cosmoscow following the results of its 2017 edition with gallery sales (according to data provided by 75% of participants) totaled €1.210.000.

Further information about the art market research here