In the recent TEFAF Art Market Report:
- Total global sales of art in 2016 were $45 billion, up 1.7 percent on 2015.
- The report paints a picture of “a stable and resilient market, experiencing positive growth.” However, sales are moving away from the auction houses to the private sector, both to private sales by auction houses and to dealers.
- In 2016, public auction sales of works of art, high-end jewelry, and decorative arts, reached $16.9 billion globally, a drop from $20.8 billion in 2015.
- Despite a nearly percent 19-percent drop by dollar-value of art and antiques sold at auction, prices on an aggregate basis have not fallen as far, and are, by contrast, down 8.6 percent. The report notes a drop in prices of Modern art sold at auction in the U.S. and Europe.
- Contemporary art prices at auction in those region are about 4 percent higher.
- The Asian auction market remained buoyant in 2016, despite that auction sales are down 1.6 percent and China is down 2.6 percent. Asia now accounts for a 40.5 percent share of world auction sales, up from a 31 percent share in 2015. China dominates auction sales with almost 90 percent share.
- Art fairs, both global and local, “are the most important point for acquiring new buyers, which is the largest concern of art dealers and galleries reporting to our annual survey.”