The Art Newspaper– – Total sales in the global art market shrank by 11% in 2016 to $57bn, a more than $10bn fall from an all-time high of $68bn in 2014 – this is the headline finding of a report by the economist Clare McAndrew, which was released today. Speaking ahead of The Art Market 2017’s publication during Art Basel in Hong Kong on 22 March, McAndrew said: “There have been two years of decline, but that was after such a high peak, so we are not back to the situation in 2009, and even then it bounced back quickly.” There are so many global buyers now, unlike in the 1980s when it took the market 15 years to recover, she added – read more
