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The art market grows in 2017 after two years of losses

Sales reached 51 billion. China surpasses UK and already the second country in transactions behind the United States

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The art market grows in 2017 after two years of losses

The lack of transparency is one of characteristics of international art market. Events such as auction at Christie's in new York last November 15th of table Salvator Mundi, by Leonardo da Vinci, awarded to a Saudi prince for 382 million euros and preceded by a wide marketing campaign, are not usual , as director of Art Basel Fair, Marc Spiegler, says: "True transparency is unattainable."

The report, recently published, of this appointment and Swiss bank UBS on art market offers several encouraging data: After two years of declines, in 2017 sales increased by 12% to 51,539,000,000 euros and with China occupying second Place, of which United Kingdom Disbanks: it already represents 21% of acquisitions against 20% of British market. America is still in lead, hoarding 42% of transactions.

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In auctions, growth occurred in works awarded for more than one million dollars (about 809,000 euros), which account for 64% of sales. Transactions that exceed 40.4 million euros account for 10% of business. On opposite side of market are gallery owners with annual turnover of less than 400,000 euros, who saw that last year ir income fell by 4%.

The founder of Arts Economics consultancy, Clare McAndrew, sees in se figures not entirely positive signs: "The market is becoming more and more polarized, especially since 2009. This runs parallel to what is happening in or areas. It's not just that higher-end distributors are doing well; Many galleries complain that y are increasingly invading ir space and removing to ir artists. "

Anor aspect to take into account is online purchase, which, despite lagging behind or industries, has recorded a 72% increase in sales in last five years. Last year, it grew in total 4.369 billion euros.

Art fairs continue to be hub of global market and concentrate a large part of purchases that collectors make to galleries. The report, which requires 53% of market, emphasizes that many of transactions performed by galleries are not verifiable.

With regard to State of health of galleries, diagnosis is negative: number of new spaces that have opened in last 10 years has plummeted by 87%.

Tom Mayou, artistic director of independent Art consultants Beaumont Nathan, says re is no international art market, but two. "One very high and n rest. If you are a gallery owner, artist or collector, it is better to be at top, "he considers.

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