A new report by UBS and Art Basel, surveying some 2,700 art collectors and high-net-worth individuals (each with at least $1 million in investable assets), found that demand to add works…
Economist Clare McAndrew has just published "The Role of Cities in the US Art Ecosystem."
The 2020 total was $50 billion.
Penned by economist Clare McAndrew, the report surveyed some 700 international galleries.
The international market has seen a return to a level between 2009 and 2010, the years of the last major recession.
The study from Art Basel and UBS claims $67.4 billion worth of art was sold in 2018.
Meeting during Art Basel, the two market machers discussed the art ecosystem, developments in Asia, how fairs operate, and more.
At a time when smaller spaces are struggling with the cost of doing fairs, gallery shares like Condo represent attractive financial models.
"Stronger consumer confidence and increased supply" made for better sales, its author, Clare McAndrew, said.
It’s not so often that a bit of news about a market report can overshadow the opening of Art Basel, the cornerstone of the fair circuit that’s become so integral to the business of buying…