TEFAF Art Market Report 2017: Global Sales Reach $45 Billion

The TEFAF Art Market Report 2017, compiled by Professor Rachel A. J. Pownall of Maastricht University, reveals that global art and antiques sales in 2016 totaled $45 billion, a 1.7% increase from 2015. Europe emerged as the strongest market, followed by the United States and Asia. Auction sales dropped 18.8% in value and 21.5% in volume, with the U.S. losing 41% of auction value and Europe 13%, partly due to Brexit. Private sales grew 24%, boosting dealer and gallery revenues by 20-25%, especially in Europe. The report integrates auction data from Artnet with dealer and gallery information from trade associations and 5,000 dealers across 50 fairs. Blue-chip artists like Warhol, Picasso, Modigliani, Bacon, and Twombly saw declining auction prices. Modern, postwar, and contemporary art's market share fell from 53% to 47.5%, while jewelry increased. Italy ranked tenth in global auction sales with 1.5% market share, losing 30% auction volume but gaining 18% gallery sales. The report will be discussed at the TEFAF Symposium on March 10.