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Global art sales show brisk recovery

News Team, 12/03/2019

The global art market has overcome the depression sparked by the 2008 financial crisis, recovering to its second highest level in 10 years, new research shows.

Sales reached an estimated $67.4 billion in 2018, an increase of six percent on 2017, according to the Art Basel and UBS Global Art Market Report.

Overall, art values have advanced nine percent over the decade from 2008 to 2018.

The US retained its position as the largest market worldwide, accounting for 44 percent of sales by value. Sales in the US reached $29.9 billion, the highest recorded level to date.

Despite political uncertainty surrou...


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